S&P 500
7,582.20
+0.03%
Dow Jones
51,018.80
+0.58%
Nasdaq 100
30,344.40
+0.25%
Russell 2000
2,916.31
-0.54%
FTSE 100
10,378.60
-0.32%
Nikkei 225
66,231.90
+0.67%

Jobs

Weekly Jobless Claims Head Very Much The Wrong Way

Photo of Jon C. Ogg
By Jon C. Ogg Updated Published

Invalid Image
The US Labor Department’s reading on weekly jobless claims rose by 24,000 to 399,000 and there was a revised higher figure. The prior week’s 373,000 was revised higher to 375,000.  Some of the claims here are obviously seasonal, but this is a step in the wrong direction after weeks and weeks of improvements showing that the figures were coming in well under the 400,000 mark.  Bloomberg was expecting a reading of 375,000.

The four-week moving average of weekly claims aims to smooth out the weekly swings and that figure rose by 7,750 to 381,750.

Also on the rise, with a one-week lag, was the army of unemployed measured by the continuing jobless claims and that rose by a sum of 19,000 claims to 3,628,000.

Today’s news was a move in the wrong direction, even if some cyclical theme can be attributed here.  We had been getting more and more used to weeks of sub-400,000 and this gets almost back to that level.

JON C. OGG

Follow 24/7 Wall St. on Google
Photo of Jon C. Ogg
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.

Continue Reading

Jon C. Ogg |

Jobless Claims Leading To Worse Economic & Jobs Prospects

All of the great jobs gains may have peaked if the Labor Department’s report on weekly jobless claims is going…

Jon C. Ogg |

Weekly Jobless Claims Jump Higher, Heading Back Toward 400K

The U.S. Labor Department has released its weekly jobless claims report and it showed a gain to some 382,000 claims…

Jon C. Ogg |

Weekly Jobless Claims and Q1 GDP Both Disappoint

Ed Brown, via Wikimedia CommonsInvestors have two economic reports to chew over so far on Thursday morning. The Commerce Department…

Jon C. Ogg |

Weekly Jobless Claims Heading Eerily North of 400,000 (VZ)

Weekly jobless claims from the Labor Department are heading the wrong way again.  The hopes have been growing that these…

Jon C. Ogg |

GDP and Jobless Claims Both Head Higher

ThinkstockThe economic reports keep coming out regardless of the holidays and the Mayan prophecy. Thursday’s reports show a higher tally…

Jon C. Ogg |

Weekly Jobless Claims, From Poor to Poorer

The count is growing… Weekly jobless claims as a figure is still headed the wrong way and still above that…

Jon C. Ogg |

Continuing Jobless Claims, the Army of Unemployed, Hits Lowest Level Since Before Recession

Ed Brown, via Wikimedia CommonsThe U.S. Labor Department may have given a disappointing uptick in the unemployment rate two weeks…

Jon C. Ogg |

Jobless Claims Going From Bad To Worse: 500,000

The Labor Department is out with its latest round of weekly jobless claims.  It is uglier than a hat full…

Jon C. Ogg |

Weekly Jobless Seasonality Brings Best Data in 2+ Years

The weekly jobless claims will sound great on the surface for the last report of the year.  Much of this…

Top Gaining Stocks

Dell Technologies
DELL • Vol: 42,366,555
NetApp
NTAP • Vol: 15,911,807
ServiceNow
NOW • Vol: 68,243,561
IBM
IBM • Vol: 28,527,546
Hewlett Packard Enterprise
HPE • Vol: 86,996,387

Top Losing Stocks

Coterra Energy
CTRA • Vol: 73,319,495
Clorox
CLX • Vol: 4,744,001
ResMed
RMD • Vol: 3,526,686
Intel
INTC • Vol: 191,680,425
Skyworks Solutions
SWKS • Vol: 5,407,806