Jobs

Jobless Claims Finally Heading in Right Direction

The weekly jobless claims  data from the Labor Department managed to show a positive trend this morning.  Claims actually fell by 21,000 down to 434,000 for the week.  Bloomberg had consensus at 455,000.  This was a week that had no…

By Jon C. Ogg
Published October 28, 2010, 8:54am ET · 1 min read

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The weekly jobless claims  data from the Labor Department managed to show a positive trend this morning.  Claims actually fell by 21,000 down to 434,000 for the week.  Bloomberg had consensus at 455,000.  This was a week that had no special circumstances or seasonal factors for the week which would have skewed the data, and it actually appears to be a 3-month low.

The army of the unemployed, measured by the continuing jobless claims, fell by 122,000 to a 4.356 million.  This figure appears to be a low for 2010.

This is far from a recovery level and this is still not enough to help that unemployment rate, but it is at least a move in the right direction.

JON C. OGG

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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.

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