Continuing Jobless Claims Approaches 7 Million
The Labor Department has released its new round of weekly jobless claims. The jobless claims filed last week came in 601,000, and Bloomberg showed the consensus estimate from economists as 625,000. We had an unofficial whisper number at around 600,000,…
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The big kahuna here was the continuing jobless claims. Last week’s figure of -15,000 was the first drop since the first week of January. That was not repeated as the continuing claims rose by 59,000 to 6.816 million. That is back to a record since being tracked on the continuing claims front.
If we hit 7 million on the continuing claims over the summer, then there are going to be more and more questions about how lagging of an indicator unemployment really is.
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.
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.
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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.
