BULLETIN:  WEEKLY JOB CLAIMS RISE TO 429,000 – AT 8:43 A.M. ET:  That's a rise of 9,000, and is extremely grim news.

The figures are just being released in Washington now.  The unemployment picture in America is worsening, not getting better.  That will, in turn, lead to more psychological damage in the economy.

Are we having a jobless recovery?  I don't think Americans will accept the notion that any change that involves this level of unemployment is a recovery at all.  The economy is going to be the major issue in next year's election, barring some foreign-policy catastrophe.  If numbers continue like this, Mr. Obama's reelection would become a political miracle.

We'll be monitoring reaction to these figures throughout the day.

June 23, 2011