The Labor Department has released its weekly jobless claims and the figure showed that there were -26,000 to 550,000 in weekly claims. The prior week’s initial figure of 570,000 was revised to 576,000. This week is always a a wild card because of the holiday weekend, so do not stack too much into the figures as gospel.
A figure for the 4-week average shows that the number fell by 2,750 to 570,000…. The big drop came in the army of those in the continuing jobless claims as that figure fell by 159,000 to 6,088,000 from the prior week’s revised level of 6,247,000. Again, it is hard to put too much faith in these figures with the holiday weekend influencing the figures.
These numbers are at least not getting worse. But for there to be any real improvement here, these weekly jobless claims have to get closer to -400,000 or at least -450,000 for unemployment to improve.
JON C. OGG
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