Jobs Data Goes From Bad To Worse
The Labor Department’s report on weekly jobless claims may have the caveat that Easter was earlier but it is ugly on the surface. The weekly jobless claims rose 13,000 to a seasonally adjusted 380,000. This was one of the largest…
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To add insult to injury, the prior week’s reading was revised up by 10,000 to 367,000. The four-week average aims to smooth out the weekly data and that rose 4,250 to 368,500.
There is a one-week lag to the continuing jobless claims and that was reported as a drop of 98,000 to 3,251,000 in the prior week.
Maybe the Labor Department can blame Easter here or maybe not. The prior week’s higher revision speaks for itself and the payrolls created in last week’s unemployment report came in at only about half of expectations. The jobs data sure seems to be turning for the worse.
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.
