It’s jobless Thursday, and initial claims fell back to what seems to be its sweet-spot, 473,000, with the less volatile 4-week moving average rising by 3250 to 486,750, and continuing claims falling by 62,000 to 4.46 million, though emergency claims, which are not counted as continuing, rose by 268,000 to 5.86 million, so we are still seeing a jobless non–recovery, with initial claims about 100,000 more than what would be required for a recovery in the job market.

In real estate, foreclosures fell, but delinquencies rose in the 2^nd quarter, which likely indicates that people are still doing worse, but the various moratoria, as well as what Atrios accurately calls the, “Treasury’s predatory lending program,” aka HAMP, is pushing the problem down the road.

Oh, and the Dow is below 10K again, which means nothing in the greater scheme of things.