There was actually a drop in the jobless claims numbers this week. The new weekly data from the Labor Department came in at 646,000, down 12,000 fro the week before. The prior week’s jobless claims were revised to 658,000 from 654,000. We had consensus estimates at roughly 655,000 as of yesterday. There was also a jump again in continuing jobless claims from 5.29 million up to 5.47 million in the last week.
The unemployed are now arguably the largest city in America. And somehow this is supposed to be good news. And if you are one of the newly unemployed, how much of a lagging indicator does it feel like as the economists keep saying?
JON C. OGG
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