We just got the Labor Departments read on the weekly jobless claims,and that figure came in at a gain of 25,000 to 584,000 on a seasonally adjusted basis. Bloomberg listed the consensus expectation as 585,000. This has been a difficult figure of late because of the auto industry layoffs and the seasonal adjustments.
The four-week average came in down 8,250 to 559,000. More importantly, the army of continuing jobless claims of those who are repeatedly in the unemployment benefits line fell by another 54,000 to 6,197,000.
This marks the second week of gains after a very large decline. The readings are still under 600,000, but traders are confused over seasonal adjustments to the data and how it is being calculated.
Jon C. Ogg
July 30, 2009
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