Thursday Is New Jobless Day

Still in holy crap territory.

Initial claims for state unemployment insurance rose 3,000 to a higher-than-expected seasonally adjusted 608,000, the Labor Department said. Analysts polled by Reuters were expecting claims to dip to 600,000 from a previously reported 601,000.

However, so-called continued claims tumbled 148,000 to a smaller-than-anticipated 6.69 million in the week ending June 6, the latest week for which data is available. It was the lowest level since May 9, and the largest one-week drop since November 2001.