It’s not a good week for employment.

Initial unemployment claims rose by 51,000 to 454,000, people are talking about snow doing this, but I’m inclined believe that the weather had less to do with this than the underlying weakness in the economy.

The less volatile 4 week moving average rose by 15,750 to 428,750, and continuing claims rose by 94K to 3.99 million, and emergency claims fell by 98K to 4.62 million, though a lot of that last number dropping are people simply running out of benefits completely.

The Federal Reserve is still concerned about such thing, as the latest Federal Open Market Committee statement, which maintains its concerns as well as their quantitative easing (printing money) policy.