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Jobs

Jobless Claims Show Double-Digit Unemployment Still Coming

Photo of Douglas A. McIntyre
By Douglas A. McIntyre Updated Published
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The Labor Department has released its figures on weekly jobless claims, and the results are a gain of 27,000 to 640,000.  The numbers from last week’s huge drop went from 610,000 to a revised 613,000.  We had estimates ranging from 636,000 at Bloomberg and 640,000 at Dow Jones.  The continuing claims are another record.

The biggest issue here is the continuing jobless claims of unemployed workers collecting multiple weeks of benefits.  Last week, that number crossed the 6 million mark to some 6.02 million.  This week, that number came in at 93,000 higher to a whopping 6.137 million.  That is the highest on record.

Whether these are better or worse than estimates will not act to slow down the growing unemployment rate at the current pace.  This rate still puts the U.S. at a double-digit unemployment rate,  possibly by the end of summer to late in 2010.

Unemployment is supposed to be a lagging indicator.  But as more and more workers are given the boot you have to wonder how this time might be very different.  Unemployed workers don’t even like to shop at the dollar stores.

JON C. OGG

Contact [email protected] for any questions or corrections.

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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