Weekly Jobless Claims Pressure Continues
The reading on the weekly jobless claims were down marginally after a slight revision higher from the prior week’s report. The Labor Department reported that weekly jobless claims were down 1,000 to 404,000 for the week. Bloomberg had a consensus…
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The four-week average managed to fall by 7,000 down to 408,000 and the army of unemployed measured by the continuing jobless claims were down another 55,000 to 3.67 million.
Unfortunately, we are still way off the mark on what needs to be happening for a true recovery in the jobs market. These reports need to get down closer to 300,000 for the jobs market to go to a Neutral bias that can slowly attack the high unemployment rate.
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.
