We are supposed to be seeing a gain in jobs and the economic growth is still supposed to be there despite the growth being weak. There is unfortunately no good news on the jobs front. The Labor Department’s weekly jobless claims data probably just took the breath away from the bulls looking for any great non-Farm Payrolls data tomorrow in this morning’s data.
The weekly jobless claims data rose by 19,000 to 479,000. Dow Jones had estimates just yesterday at 455,000. The week before was revised to 460,000 from the initial report of 457,000.
The 4-week average also rose, with 5,250 more to 458,500.
The army of unemployed measured in the continuing jobless claims fell by 34,000 to 4,537,000 from a revised figure the week before of 4,571,000.
This just gave everyone the notion that there is no big hope for tomorrow’s unemployment and non-Farm Payrolls data.
The recovery is still happening on a very slow basis, at least for 5 out of 6 working Americans. Maybe bashing all those rich folks who can actually hire people wasn’t the best idea in the world.
JON C. OGG
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