Obamanomics: A record 6,662,000 unemployed!

WSJ: Jobless Claims Fell in Latest Week

Initial claims for jobless benefits fell 12,000 to a seasonally adjusted 631,000 in the week ended May 16, the Labor Department said in a weekly report Thursday. Economists surveyed by Dow Jones Newswires had expected claims would fall by 7,000 after a surprisingly large spike in the previous week.

The unemployment rate for workers with unemployment insurance rose to 5.0% -- the highest level since Dec. 25, 1982 but only a slight increase from the previous week.