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Jobs

Jobless Claims Staying High

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By Douglas A. McIntyre Updated Published
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Jobless Line PicThe 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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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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