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best. the labor department says 424,000 new workers filed first time unemployment claims last week. that s 10,000 more than the week before and the first increase we ve seen in three weeks. to put it in perspective applications peaked much higher near 660,000 during recession. claims need to be closer near 375,000 to turn the market around. are we at least on the road to recovery? let s ask our special michael spence who received the 2001 noble prize in economics. he is also the author of the important new book the next convergence, the future of economic growth under a multispeed world. thank you michael for taking the time. thanks. lots of concern obviously, even with the excitement of memorial day weekend, tremendous slow growth and jobs gap if you look at 13 million americans still unemployed and the data that would take us even with the recent good, good, numbers, many years to get back to what we call normal unemployment.

Department secretly interpretPerspective applicationsMichael spenceNoble prize in economicsOn the roadMemorial day weekend13 million