What the latest unemployment data says about the economy

WATERLOO – First-time claims for unemployment benefits totaled 712,000 last week, compared to the estimate of 780,000 from a Dow Jones survey of economists. Austan Goolsbee, professor at the University of Chicago Booth School and former chairman of the Council of Economic Advisors, and Caroline Hoxby, Stanford University economics professor and Hoover Institution senior fellow, along with CNBC’s Rick Santelli and Steve Liesman break down the numbers and what it means.