Jobs
More Weekly Data Pointing To Double Digit Unemployment
Published:
Last Updated:
The Labor Department has released its weekly jobless claims. It seems that the contraction in weekly claims is not running in a straight line. This week’s report came in at 637,000 from a revised figure the week before of 605,000 (from 601,000). Bloomberg had consensus estimates from economists pegged at 609,000 from an unrevised 601,000 reported the week before.
The big dent here is in the continuing jobless claims. That figure grew by 202,000 to a whopping 6.56 million. Again, this is a high.
The four-week average which is meant to smooth out the volatility came in at +6,000 to 630,500.
Unfortunately, the rate in unemployment has no indications yet that 10% will not be seen by the end of the recession. By ‘unofficial counts’ that figure is actually much larger when you include part-timers, non-seekers, and the under-employed or basic contract labor pool.
JON C. OGG
Essential Tips for Investing (Sponsored)
A financial advisor can help you understand the advantages and disadvantages of investment properties. 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. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
