Last week’s first solid reading on the weekly jobless claims reading is being confirmed this Thursday. The Labor Department has announced that weekly jobless fell by 5,000 in the past week to some 330,000.
Dow Jones and Bloomberg were both calling for as much as 360,000 as the consensus target. Bloomberg had a range of 328,000 to 375,000. Last week’s reading of 335,000 was left static, rather than facing any serious revisions higher as we have seen before.
As far as why this matters, the prior week’s report was a drop of 37,000 to 335,000 and Wall St. has simple enough logic here. If a number is very low once, it is a one-off or anomaly. If it happens twice in a row, then that is a trend.
The reading of 330,000 is not going to handily change the unemployment rate, nor will it get the unemployment rate down to that 6.5% target by the Federal Open Market Committee (FOMC) any time soon. On the flip side, a low rate of weekly claims and layoffs will make a huge difference if the monthly payroll numbers can start to increase again.
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.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
