Jobless Claims Ticking Back Up

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By Douglas A. McIntyre Updated Published
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Weekly jobless claims are heading the wrong direction again this morning, although some of this may still have some seasonality to it.  The Labor Department showed a gain of 15,000 jobless claims to 576,000 from a revised 561,000 claims from 558,000 the week before.  This represents the highest reading in three weeks.  We also saw a rise of 4,250 to 570,000 on the four-week average and the continuing claims of repeat benefit takers rose by 2,000 to 6,241,000 jobless.  The good news is that these are still not coming in above the 600,000 mark.  The bad news is that these are heading the wrong way and are not indicative of any major growth nor any major recovery.  We still have some questions about how that 9.4% unemployment wasn’t higher, and that is without even tallying up the unofficial unemployment of those workers who have dropped out of the system or who are significantly underemployed or on contract.

JON C. OGG
August 20, 2009

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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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