The Labor Department’s weekly jobless claims fell a sharp 31,000 to 473,000 in the last week, something which which may be a relief to many hoping that the trend can reverse. Last week’s preliminary 500,000 claims was revised to 504,0000. Bloomberg had estimates of 495,000 and Dow Jones was 490,000 for this week’s claims.
The four week average rose by only 3,250 to 486,750, but that is the highest reading of 2010.
The army of unemployed measured by the continuing jobless claims fell by 62,000 to 4,456,000.
A few less pink slips doesn’t change the fact that this is still very much going in the wrong direction in general at a time when employment recovery was supposed to be underway. At least it wasn’t worse.
JON C. OGG
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