Initial unemployment filings rise 10K to 418K for the week.
Essential reading: Wall Street Journal on big firms cutting jobs.
The job situation will likely get worse in the short term if there is no debt deal. But a deal -- which will of course include major spending cuts -- is just as likely to also make the employment situation worse as it is to make it better. The best thing for the country would be a bipartisan pact -- quickly followed by another round of deal making focused on job creation.