Consumer Confidence is dropping….

Jobless claims jumped 11,000 in the September 10 week to an unexpectedly high 428,000. The prior week was revised 3,000 higher to 417,000. The Labor Department isn’t citing any effect from Hurricane Irene though last week the department said they did see the possibility of the small upward revision to the September 3 week. Though there’s no special factors for the September 10 week, the week was shortened by the Labor Day holiday which may be creating some noise. But a look at the four-week average isn’t encouraging, up 4,000 to 419,500 for the fourth straight gain with the level more than 15,000 higher than the month-ago comparison.

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