The Labor Department released the weekly jobless claims data this morning, and whatever policies are being presented just are not helping on the hiring and firing front in the nation. The weekly jobless claims rose by 8,000 to 480,000 and the week ago data was revised slightly worse to 472,000 from 470,000. Dow Jones was looking for a 460,000 figure and Bloomberg had estimates yesterday at 455,000. As we have seen before, there are just fewer and fewer ways to look at this with any positive light or as though there is any meaningful jobs recovery coming.
The four-week average is also rising again, which is a departure from what Main Street was expecting. That figure rose by 11,750 to 468,750.
The army of unemployed also rose. This week’s figure rose by 2,000 to 4,602,000, with the prior week’s data being revised to 4,600,000. Of course, this continuing claims figure is probably far far higher if you count those who aren’t showing up any longer to get the government check when you consider how many have ‘opted out’ of the workforce.
This will only act to set a worse tone for tomorrow’s unemployment figures for January. We’ll be paying close attention to that figure of those who ‘opted out of the workforce’ because by the last count it was as though they were out for smokes or were being held hostage.
JON C.OGG
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