Two more data sets were out from the Labor Department: The four-week average rose by 2,250 to 368,250 for the week. And the army of unemployed measured by the continuing claims (reported with a one-week lag) showed a sharp gain of 53,000, up to 3,332,000.
Today’s news is good on the headline data but the reality is that the “jobs boost to the market” came last Friday when payrolls grew much more than what the market economists were calling for.
JON C. OGG
Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.
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