Weekly Jobless Claims: Labor Gets A Number Headed the Right Way

By Jon C. Ogg Updated Sep 9, 11:35AM EDT · Published Sep 9, 8:36AM EDT

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The Labor Department is out with its newest figure of weekly jobless claims and the tally fell quite a bit down to 451,000. Bloomberg had the estimate at 470,000. The initial jobless claims from a week earlier showed a decline 6,000 to 472,000, but that figure was revised to a higher base of 478,000

The four week average fell by 9,250 to 477,750. Our largest focus is that army of the unemployed measured by continuing jobless claims. This week’s figure came in down at -2,000 to 4,478,000 from the prior week;s revised figure of 4,480,000.

These numbers are still far too high to make any dent in the unemployment, but at least we are not seeing 500K handles again.

JON C. OGG

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About the Author Jon C. Ogg →

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.