The Jobless Becoming Larger Than Any Standing Army

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By Douglas A. McIntyre Updated Published
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jobless-line-pic4The change in weekly jobless claims came in at 631,000 for this last week.  That is a drop of 14,000, but that also comes after a revision of the week before to 645,000 rather than the preliminary 640,000 reported.  That is also about 9,000 less than the 640,000 consensus estimate from Bloomberg.  The problem is the continuing claims of those who are becoming full-time repeat recipients of weekly jobless claims.  That number of continuing claims is in uncharted territory with another gain of 133,000 to 6,271,000.  We will not get the report for unemployment in April for another week, and the expectations on this front are continuing to look ugly.  If this jobs data continues, economists are going to have a hard time explaining just how much of a lagging indicator that employment really is.

JON C. OGG

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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