The Labor Department’s report on weekly jobless claims came in at 514,000, slightly better than the estimates of 520,000 from Bloomberg. Thi was based against a prior 521,000 unrevised and based on a 524,000 revised figure. This appears to be the lowest jobless figure since January, but again keep in mind that this figure has to get down closer to 400,000 before the unemployment’s rise will be stopped. The four-week average fell by 9,000 to 531,500. The army of the unemployed measured in the continuing jobless claims actually fell by 75,000 down to a reading under 6 million of 5,992,000.
This figures are hard to celebrate. At least they are not still rising endlessly as we saw during the first half of 2009.
JON C. OGG
OCTOBER 15, 2009
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