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This morning's weekly US jobless claims report reminds us that the unemployment cycle in this country will continue to worsen. This week's jobless claims came in higher than expected at 455,000 vs. 445,000 last week.

The "Trend" here is up into the right. The 4 week moving average of claims bumps higher yet again to 445,000, and everyone should recall that last month's unemployment reading finally broke out through the 6% line.

While some pundits suggest this number was high last week by virtue of hurricanes Gustav and Ike, you should consider the impact of the real time structural hurricane in the US Financial industry, this week.

KM