The U.S. Labor Department is out with its report on weekly jobless claims. There was a big drop of 25,000 claims, down to 370,000. Bloomberg had a consensus estimate of 380,000 and Dow Jones was calling for 375,000. Last week’s preliminary figure of 393,000 was revised to 395,000.
Investors are getting used to seeing numbers that are getting beyond the impact of Hurricane Sandy. The weekly jobless claims should be normalized by now, and even if not fully normalized the reports are going to be less and less “exceptional” as to why.
Two more readings are important within the claims. The four-week average fell by 2,250 to 408,000. The army of unemployed, measured by the continuing jobless claims, with a one week lag, fell by 100,000 to 3,205,000.
Today’s numbers are better than expected, but they are unlikely wide enough to influence the expectations for unemployment and in nonfarm payrolls that the Labor Department will announce on Friday morning.
The S&P and DJIA are both still looking for direction this morning.
JON C. OGG
Sponsored: Tips for Investing
A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.