It’s a new record

…But not the good kind. The bad kind of record (and no, I’m not talking about music, either…those are called “albums” these days). The number of first time unemployment applicants in the United States has reached a record high. That does not mean that there are more unemployed today than there ever were. The unemployment rate and the jobless claims are two totally different things.

Unemployment rate is the percentage of able-bodied Americans not working. Jobless claims are the number of people claiming unemployment insurance. Unemployment insurance was not available during the Great Depression, so there’s no need to worry that somehow today is worse than it was then.

It’s not.

But it’s certainly not a good sign: 627,000 new people to unemployment insurance.

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