Economy

An Astounding and Amazing Weekly Jobless Claims Report From the Labor Department

The U.S. Labor Department’s report on weekly jobless claims blew the doors off the hinges. After last week’s reading was revised to 303,000 from 302,000, the number came in at only 284,000. Bloomberg had the consensus estimate up at 310,000, with a range of estimates from 305,000 up to 320,000.

This is called overdrive, and the number has to be strong enough that it will catch at least a couple Fed presidents’ eyes. The auto retooling that takes place seasonally can impact readings in the summer, but this was still the lowest reading since well before the official start of the recession.

Another post-recovery low was from the four week average. That fell by some 7,250 to 302,000.

Even the army of the unemployed was smaller. The continuing claims, reported with a one-week lag, were down by 8,000 more to 2.500 million.

Another positive is that the unemployment rate for insured workers is 1.9%.

Summer can be tricky when you consider auto retooling and when you consider jobs in and around education. Still, this one is so good that it is just hard to criticize. We also think this will be fodder for hawkish Fed presidents in the coming week’s worth of speeches to get on a rate hike wagon sooner rather than later.

The #1 Thing to Do Before You Claim Social Security (Sponsor)

Choosing the right (or wrong) time to claim Social Security can dramatically change your retirement. So, before making one of the biggest decisions of your financial life, it’s a smart idea to get an extra set of eyes on your complete financial situation.

A financial advisor can help you decide the right Social Security option for you and your family. 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.

Click here to match with up to 3 financial pros who would be excited to help you optimize your Social Security outcomes.

 

Have questions about retirement or personal finance? Email us at [email protected]!

By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.

By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.