Also from AP, 1 hour ago.

"But the continuing claims figure does not include millions of people that have used up the regular 26 weeks of benefits typically provided by states, and are receiving extended benefits for up to 73 additional weeks, paid for by the federal government."

"Economists expect 145,000 payroll job cuts for November, a slight improvement from the net loss of 190,000 jobs last month. But the economy must add 125,000 jobs a month just to keep the unemployment rate from rising."

"The jobless rate hit a 26-year high of 10.2 percent in October and many economists believe the recovery will remain so weak that the jobless rate will keep rising, possibly topping 10.5 percent by the middle of next summer."

"Some analysts cautioned against reading too much into the sharp drop in unemployment claims. They noted that part of the improvement reflected large seasonal adjustment factors, which smooth out changes that normally occur at certain times of the year."

"Federal Reserve policymakers worried at their November meeting that the unemployment rate could remain elevated for several years, according to minutes of the discussions released Tuesday."

"Recent reports indicate employers are continuing to lay off workers. Struggling Internet company AOL last week said it plans to cut up to 2,500 jobs, more than a third of its work force, once it is spun off from the media conglomerate Time Warner Inc. And Hartford, Conn.-based health insurer Aetna Inc. said it will cut 625 jobs, or nearly 2 percent of its staff, and will make similar job cuts in the first quarter of 2010 due to the lagging economy and the potential impact of health care reform."

The true thing that's continuing to plunge is Obama's approval ratings.