Jobless Data Fails To Inspire
After the surprise drop of 23,000 in ADP estimated payrolls for March, all eyes were on the Labor Department’s weekly jobless claims data. There was a drop of 6,000 on an adjusted basis to 439,000; the prior week’s figures were…
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The four week average came in with a drop of 6,750 to 447,250, which looks to be the lowest reading since late 2008.
The army of unemployed measured by the continuing jobless claims fell 6,000 to 4,662,000 from a revised figure of 4,668,000.
Economists are looking for 9.7% unemployment tomorrow for the month of March, but the real watch will be on the change in non-Farm payrolls. That figure had been expected to be a gain of 200,000 but yesterday’s weak ADP data and this morning’s jobless claims data may have brought that figure down.
Maybe this is less bad, but good news on the jobs front is so far elusive. This data so far won’t wreck the recovery because even if the jobs do not come for another month or two, they are expected to come. Besides, employment is continually called a lagging economic indicator. How long it lags, well that is a different argument.
JON C. OGG
Contact [email protected] for any questions or corrections.
Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.
