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Market, today we learned new disappointing job numbers and in the last few hours moody's downgrades five u.s. major banks. what does it mean to you? so what does it mean for everybody? >> it's not good news. you hear now perhaps we aren't going to have recovery in the economy for quite some time. what we saw today was bad news on housing, bad news on manufacturing. the jobs market was not good either. the weekly jobs up 2000. about 387,000 for the week, that's not positive. we have the banks getting downgrade at the end of the day by moody's. 15 banks, including five big ones. really bad news,...

Market's reaction is to the fed. so far, not a whole heck of a lot. in fact, this is the first time we've had a fed meeting this it year that the market didn't trade up sharply. what it got from the fed was kind of what it was expecting, extended operation twist. but it also got more than that from the fed, a downgraded economic outlook. the fed is looking for the economy to turn down, also look worse than it was expecting for 2013 and 2014 and they're expecting the unemployment number to hang in there at higher levels, above 8% for the rest of the year. that's the concerning part. wall street...

Right why not do it weeks ago, why not do it months ago, why yesterday? >> i have a theory on this. the president is happy to have a conversation about this rather than about the economy. remember today we have a new jobs number out, 387,000 americans filed first-time claims for unemployment. the president would much rather talk about a fight with the republicans in the house of representatives over something that is sort of hard for people to get attention to and to which the mainstream media has given no attention. over the last year, nbc devoted 10 seconds in their evening broadcast to a, t...

Yoo-hoo. hello. it's water from the drinking fountain at the mall. [ male announcer ] great tasting tap water can come from any faucet anywhere. the brita bottle with the filter inside. megyn: new signs of a struggling economy and a lousy jobs picture. coming in at 387,000 people filing for unemployment. that does not count those who have given up look. but look at the average number of filings the past four weeks. they say that's a more reliable indicator. what does this say about where our economy is going? joining me now, simon constable. we'll ask him whether i was

Nespresso. the best cafe. yours. >> melissa: fox business alert. the labor department just releasing brand-new weekly jobless claims numbers. 387,000 for first-time unemployment claims filed last week. that is up from 386,000 the week before. economists were expecting 380,000. of course, the number to always watch is the revision from the previous week. they revised something like 64 out of the last 65 weeks and always say it was actually higher than we thought it was. the worst than you expect. just yesterday the feds saying they were raising their outlook for their estimate for 2012. they th...