There have been hopes, over and over, that the jobs data would get better. Or at least less-bad as we have been discussing for about 3 or 4 months when the data started looking as though it was at a crest. The hopes that unemployment won’t hit the double-digits in America are looking more like optimistic rather than realistic. Still, there is at least one positive take on the data. This morning’s data from the Labor Department showed a 3,000 rise in weekly jobless claims to 608,000.
The week before was revised to 605,000 from 608,000. The good news, or less-bad news, comes from the continuing claims and the four-week average.
The four-week average fell again, this time by 7,000 to 615,750.
The continuing claims that measures those in the jobless lines for more than once straight week came down by 148,000 to 6,687,000. The question is how many of these people have found work or have exceeded the time they can receive benefits.
Until we see the weekly jobless claims get closer to and then under a level of 500,000 rather than 600,000, that unemployment number is going to keep creeping up toward the double-digit levels. If you count the number of under-employed, discouraged, and temporary/contract workers that are not in a permanent position it is already well into the double digits.
Jon C. Ogg
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