Jobs

Weekly Jobless Claims Look Good, But With Underlying Mixed Data

The Labor Department has just given its newest report on Weekly Jobless Claims and the news is heading more and more in the right direction.  The new rate is down to 358,000, and the prior’s weeks report was revised higher…

By Jon C. Ogg
Published February 9, 2012, 8:38am ET · 1 min read

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The Labor Department has just given its newest report on Weekly Jobless Claims and the news is heading more and more in the right direction.  The new rate is down to 358,000, and the prior’s weeks report was revised higher to 373,000 from 367,000 previously reported.

There is a one-week lag on the army of unemployed measured by the continuing jobless claims, but that figure rose by about 64,000 to 3.51 million.  Again, there is a one-week lag to that data but it goes against the improving conditions in the weekly data at least on new claims.

With news of a deal being reached in Europe this morning, investors have just one more small bit of data to cheer about to support a bullish economic thesis. S&P and DJIA futures are now in positive territory.

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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