This morning’s weekly jobless claims from the Labor Department are showing a whole new round of concerns that perhaps the recently weak consumer confidence is due to the notion that jobs are not getting better. The weekly jobless claims rose by 22,000 to 496,000. Bloomberg had consensus pegged at 460,000.
If weekly jobless claims get back over 500,000 it will mark a psychological blow to the labor market situation. It will also confirm everyone’s notion that the recent drop in unemployment is due to math calculations and due to opt-outs or end of benefit periods rather than any real recovery.
The army of the unemployed via continuing jobless claims also rose by 6,000 to some 4.62 million.
The beatings will continue until morale improves.
JON C. OGG