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 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