First time claims for unemployment benefits came in at 423,000 for last week, down from the previous week of 432,000.

The four week average is up, coming in at 421,000 before this week's total is adjusted -- probably upwards. Midknight Review uses a baseline number of 375,000 for the line of demarcation between net job loss and net job gains. There are any number of links that take you to articles supporting this theory.

Here is our link for the explanation that gives us (Midknight Review) this 375,000 baseline figure .. permalink.

We have had 158 weeks out of 163 with first time claims at 400,000 or more.

Talk at Squawk Box, CNBC and FoxBusiness tell us the global market is in a bear circumstance, losing more than 10 billion since May of this year. More and more market analysts believe we are in a second recession.

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