US Jobless Claims Fall; But That's Not Quite The Evidence The Fed Needs

``In modern times we've really not had a US blowout in long term unemployment as we did in this recession. We've thus got a much larger group than normal of people who have exhausted their unemployment benefits and are, in the way we measure these things, not counting them as unemployed. But they are out there and they are unemployed. What we don't know is how many of them are now permanently out of the workforce and how many of them will come back into it as the job market tightens. ''