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Jobs

Weekly Jobless Claims Tick Higher

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By Jon C. Ogg Published
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US_Dept_of_Labor

Thursday’s jobs report from the U.S. Labor Department showed that weekly jobless claims rose by 5,000 to 320,000. The prior report was left unrevised at 315,000. Dow Jones was calling for 320,000 claims and Bloomberg was calling for 325,000.

This reading is unlikely to make much of a wave as it is so close to the estimates. Still, with Janet Yellen loosening up on the 6.5% unemployment target, and with her calling for the rate hikes to begin six months or so after the end of the bond buying, all eyes are looking closely at any jobs data.

The Labor Department also said the four-week average dropped by 3,500 to 327,000.

Continuing jobless claims, what we call the army of the unemployed, rose by 41,000 to 2,889,000. Be advised that continuing claims come with a one-week lag.

S&P 500 futures were down four points and DJIA futures were down 34 points shortly after the report.

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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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