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Jobs

Weekly Jobless Claims Targeting More Weak Employment Data

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By Jon C. Ogg Updated Published
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The Labor Department’s report on weekly jobless claims is the next to last report before the coming unemployment data in a week and one day.  The latest claims figure was down 6,000 to 386,000 after the prior week was revised 4,000 higher to 392,000.  Bloomberg was calling for a consensus of 385,000.

While this is worse than expected, it is still just more of the same for a weakening jobs report next week.  With this being an election year it matters even more. In an effort to smooth out the weekly data, the four-week average fell by 750 to 386,750.

The army of the unemployed, measured by the continuing jobless claims (with a one-week lag), was down by 15,000 to 3.296 million. The unemployment rate for insured workers has been stuck at 2.6 percent for three months.

No real good news on the jobs front.  Keep in mind that this is also happening at a time when many graduates are out looking for work for the first time.  How fun can that be right now?

JON C. OGG

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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.

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