New unemployment claims were down 52,000 last week but economists are predicting that this was just holiday week blip in reporting and expect next weeks numbers to be back up well over 600,000. Last week's number was still 200,000 over this week last year. The number of continuing claims rose an alarming 159,000 last week to set yet another record and this number does not include people whose benefits have run out. The US unemployment rate is expected to pass 10% in July with the real figure close to double that.
15 million adult kids were living with parents last year with 55% of college age men (18 to 24) living at home. This was last year’s number, this year’s will be much worse with job offers to graduates at record lows. Men are 70% of the newly unemployed in the past 18 months. One of network infotainment shows this morning used this number as the basis for a segment on dating, the burning question for young women; would you date a guy without a job? Why not, since it’s the new normal.
The major economies of the world are continuing to push for non-dollar trade and China is buying anything and everything from anybody that will still take dollars. We are in for a lot of new normals. A guy that lives with his parents could be the new "catch" compared to the guy that lives in box under a bridge or maybe it will be the size of the box he has or how nice of a bridge he lives under.