The Labor Department is out with its report on weekly jobless claims. Today’s report came to 372,000 and that was a gain of 4,000 after last week’s report was revised higher to 368,000 from a preliminary report of 366,000. Bloomberg and Dow Jones were both calling for a consensus of 365,000. While this was not much different and is not likely to move the markets much, this is a trend higher and a trend that is heading in the wrong direction.
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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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