Jobless Claims Still Heading Wrong Way

It may not be much of an economic recovery any longer.  The latest weekly jobless claims from the Labor Department shows a bleak jobs picture continuing after what many have hoped would be the turning point with jobs.  Weekly claims rose 37,000 to 464,000 versus Bloomberg consensus of 450,000 jobs.

The reading on the week before was revised to 427,000 from 429,000 originally reported.

The army of unemployed as measured by continuing claims, drawn by workers for more than one week, fell by 223,000 to 4,487,000 from a week ago and a revised level of 4,710,000 claims.  The continuing claims are more volatile because a week ago was a large rise.

Let’s hope that this is still an aberration because of recently axed Census workers and from teachers off because of summer vacation.  Still, it looks = like job creation is not coming back.

JON C. OGG