Jobless Claims Still in Purgatory
The weekly jobless claims are out from the Labor Department and the results are not as bad as the week before. They are not exactly solid yet either. The claims figure fell by a revised 14,000 figure to 460,000 for…
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For those who care about the four week average, that figure rose by 2,250 to 456,500.
Perhaps the only good news herein is that the army of unemployed measured by the continuing jobless claims fell by 49,000 to 4,607,000 versus the revised level of 4,656,000 from a week ago.
No reason to celebrate yet. Until these jobless claims dip under 400,000 and get closer to 300,000, there is no real jobs recovery happening.
JON C. OGG
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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.