Jobs
Imagine That, Jobless Claims Softer Than Estimates
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This morning we have seen the weekly jobless claims. While economists are always noting that unemployment is a lagging indicator, go ask anyone in the unemployment lines how lagging this feels. The numbers were 639,000. This is horrible on the surface, but it is actually less than what is expected.
Estimates were for 650,000 from an unrevised 667,000 the week before. The week before showed a revised number of 670,000. The continuing jobless claims were actually down 14,000 to right at 5.106 million.
As a reminder, the FEB-2009 unemployment numbers are out tomorrow morning. Bloomberg estimates have 7.9% as consensus (up from 7.6% in January) and the change in non-Farm Payrolls is expected to be -648,000 (up from -598,000).
Jon C. Ogg
March 5, 2009
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