The data from the Labor Department on weekly jobless claims is out, and it is continuing to be a dragging number. Many keep hoping for improvements, yet they remain elusive. The weekly claims fell by 10,000 to 570,000, while estimates from Dow Jones were calling for a drop of about 11,000. The week before was revised to 580,000 from 576,000.
The four week average came down 4,750 to 566,250. About the only good news is that the army of the continuing jobless claims of those in the unemployment lines for more than a week came down by 119,000 to a level of 6,133,000.
The term ‘green shoots’ is so early-summer and late-spring, but these figures have to go under 500,000 for any stabilization to occur. And for unemployment to technically stop growing, these numbers need to actually get down closed to 300,000……
JON C. OGG
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