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Varney & co. it's a teeny bit of good news. >> reporter: i hate to sound harsh, but this is not the summer of recovery, this is a summer slide into recession. these numbers on unemployment may offer some mild relief, a mild form of saying maybe it's not quite so bad, but 476 -- 473,000 people unemployed in one week that is enormous. it's nowhere near to break down the 8 million jobs that we've lost, period. megyn: i thought we were looking at a nine-month high just a week ago or so in terms of the number of people that were filing for unemployment. given that there is a slight drop isn't that ...

Market, a little about news -- good news, a little bad news. on the good side we saw fewer americans file for unemployment by about 31,000. the bad news is the amount of americans who actually started to collect claims is still very high. ashley west is joining us from the fox business network. still bad news. >> tough news. we're not breaking out the champagne or confetti any time soon but we're down to 473,000. when you think about it, that's an extremely high number. the problem is, this economy, just can't get going. consider this, the unemployment rate, still at 9 1/2%, a 26-year high, de...

The labor department reports new claims fell by 31,000 to 473,000 new claims for unemployment benefits. that's better than what economists expected but we are told it is worse than what we see in a healthy economy by far. and more signs of instability in the housing market. one in ten american homes with a mortgage was at risk of foreclosure this summer the one in ten. a record high number. the mortgage bangers association found 9.9 percent of homeowners missed one mortgage payment in the past couple of months, down lightly from april. lenders have repossessed two million homes since the great...

Right here in the united states. jon: scary stuff. thank you. >> reporter: you're welcome. jenna: new information on the job market. the number of americans filing for unemployment for the first time in the latest week is down falling more than expected. jobless claims are dropping by 31,000 to a season lea justed number of 473,000. however the number is still high although lower than expected in the latest week. marriager garrett is reporting live on this from martha's vineyard. when it comes to this debate where is the administration right now on the economy. >> reporter: the big debate will...

Investors brace for a report tomorrow economic growth this spring was not as strong as previously thought. at the closing bell stocks were at their lowest level since early july. the dow off 74 points. nasdaq down 23. s&p 500 down 8. it didn't start out that wait a minute initially stocks rose news that fewer folks filed for unemployment benefits. number for first time claims for benefits dropped to 31,000 last week to a total of 473,000. there also was a notable report today detailing the problems in the housing market. we'll have more on that later this hour. first, five years ago today the ...