Via Calculated Risk.
From the Department of Labor:
In the week ending Feb. 21, the advance figure for seasonally adjusted initial claims was 667,000, an increase of 36,000 from the previous week's revised figure of 631,000. The 4-week moving average was 639,000, an increase of 19,000 from the previous week's revised average of 620,000.... The advance number for seasonally adjusted insured unemployment during the week ending Feb. 14 was 5,112,000, an increase of 114,000 from the preceding week's revised level of 4,998,000.
The labor force has grown by roughly half over the span of the graph. So it is not as bad as it looks.
Posted via web from http://braddelong.posterous.com/its-not-as-bad-as-it-looks-yet at Brad DeLong's Scrapbook