Jobs
First Drop in Continuing Jobless Claims Since January
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The Labor Department has just released its weekly jobless claims data at 621,000. The prior week’s reading was revised to 625,000 from a prior reading of 623,000. The consensus estimates from Bloomberg were for 620,000 for this week’s data. This data is too in-line to matter, but there is a big silver lining in the army of unemployed workers.
The continuing jobless claims posted the first actual decline since the first week in January. The reading slid by 15,000 to 6.735 million. Keep an eye on this figure. If it can continue sliding, then the worst in the employment situation has either been seen or is very near.
Jon C. Ogg
June 4, 2009
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