The Labor Department’s report on weekly jobless claims is out and the report showed a drop of 5,000 to 359,000 for the prior week. Bloomberg had estimates of 350,000 and Dow Jones was calling for a gain of 2,000.
One problem is that the previous week was revised to 364,000 from 348,000 and that means that breaking the 350,000 barrier was a mirage rather than an accomplishment. This is said to be due to adjustments that go back years now.
These numbers are still far better (or far less-bad) than they had been in prior months. Still, these alone are not enough to truly fix a weak labor market despite the drop in the official unemployment rate.
Another consideration is the army of unemployed measured with a one-week lag in the continuing jobless claims. This figure fell by 41,000 to 3,340,000 in today’s report.
All in all, this is a net neutral reading because it is not far enough ahead of or under estimates to make a huge impact. We will get one more look next week at weekly claims before next Friday’s unemployment reading and data on non-farm payrolls.
JON C. OGG
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
