The Labor Department has released its weekly jobless claims data. The number came in slightly better than estimates, but the jobless claims did rise. The gain was 30,000 to 554,000 in the last week. Dow Jones was expecting a gain of 43,000. So it is less-bad. Unfortunately, it is also a ‘rising’ number after several weeks of falling data. But the good news is that this is still well under that 600,000 mark and the continuing claims came down again.
The army of the continuing jobless claims has shrunk as well, down to 6.22 million from a reading of 6.32 million.
We could argue that some of this is from people falling out of the unemployment system because they have now reached the maximum time allotted to be on unemployment. There is also some seasonality to these numbers.
Regardless of the caveats, at least the jobless data is not back at the highs and at least the gain was less than expected. Or if you are in the camp of the double-dip for another leg down, at least they are not heading in the wrong direction for now.
Jon C. Ogg
July 23, 2009
Get Ready To Retire (Sponsored)
Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Get started right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
