More Weekly Data Pointing To Double Digit Unemployment
The Labor Department has released its weekly jobless claims. It seems that the contraction in weekly claims is not running in a straight line. This week’s report came in at 637,000 from a revised figure the week before of 605,000…
The big dent here is in the continuing jobless claims. That figure grew by 202,000 to a whopping 6.56 million. Again, this is a high.
The four-week average which is meant to smooth out the volatility came in at +6,000 to 630,500.
Unfortunately, the rate in unemployment has no indications yet that 10% will not be seen by the end of the recession. By ‘unofficial counts’ that figure is actually much larger when you include part-timers, non-seekers, and the under-employed or basic contract labor pool.
JON C. OGG
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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.
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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.