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Economy

Weekly Jobless Claims Head the Wrong Way

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By Jon C. Ogg Published
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The most recent weekly jobless claims have been released by the U.S. Labor Department, and they show a big jump in the wrong direction. Jobless claims rose by a sharp 28,000 to 326,000 in the past week. Dow Jones and Bloomberg both were calling for a consensus reading of 310,000 claims. Also, the prior week’s reading of 297,000 initially reported was revised to 298,000.

The continuing jobless claims, which is reported with a one-week lag and is what we call the army of the unemployed, fell by 13,000 to 2.653 million.

A measurement that aims to smooth out the weekly reports is the four-week average, and it fell by 1,000 to 322,500 in the past week.

The Labor Department said that there were no special factors affecting this weekly jobless claims report.

What should stand out here is that the weekly jobless claims report has been unable to post any consecutive readings of less than 300,000 since the end of the recession.

ALSO READ: FOMC Minutes Discuss Means of Exiting Quantitative Easing, Not Timing

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About the Author 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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