The Labor Department’s report on weekly jobless claims continues to go against many of the headlines we are seeing elsewhere. Last week brought a drop to 323,000, the lowest weekly jobless claims in five years, since before the recession took hold. The previous week’s reading of 324,000 was revised slightly higher to 327,000.
Today’s report was better than all economists were calling for. Bloomberg showed an economist range of 326,000 to 341,000. The consensus from both Bloomberg and Dow Jones was 335,000.
Recent bond strength may need to take a breather if the jobless reports are going to keep getting better and better. The FOMC has set an easy money interest rate policy until unemployment returns to 6.5%, and it even raised the threshold on what it would accept for inflation to get the workforce back to where it needs to be.
This was a good report, but it is just a weekly report. The Federal Reserve likely will keep its finger on the “buy button” for quite a bit longer.
Is Your Money Earning the Best Possible Rate? (Sponsor)
Let’s face it: If your money is just sitting in a checking account, you’re losing value every single day. With most checking accounts offering little to no interest, the cash you worked so hard to save is gradually being eroded by inflation.
However, by moving that money into a high-yield savings account, you can put your cash to work, growing steadily with little to no effort on your part. In just a few clicks, you can set up a high-yield savings account and start earning interest immediately.
There are plenty of reputable banks and online platforms that offer competitive rates, and many of them come with zero fees and no minimum balance requirements. Click here to see if you’re earning the best possible rate on your money!
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
