Jobless Claims Heading Wrong Direction, Again
The Labor Department has just issued its report on weekly jobless claims. The hopes that we’d finally get back under 500,00 were dashed as the claims rose by a revised 11,000 bodies to a new reading of 531,000 for the…
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The four-week moving average of new claims dropped by 750 to 532,250. The wild card here came in the army of the continuing jobless claims fell by 98,000 to 5,923,000 from the prior week’s revised count of 6,021,000. This drop in continuing claims may be from people dropping out of the system, but this is the lowest reading since April or March.
We would note that no economists were expecting a drop to under the 500,000 level. We were hoping to see that become at least a closer reality based on all of the stabilization. It seems as though we are still in nothing more than a great jobless recovery.
JON C. OGG
OCTOBER 22, 2009
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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.
