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Jobs

Weekly Jobless Claims Drop to Less Than 300,000

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By Jon C. Ogg Updated Published
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More strong news is out on the jobs front. The U.S. Labor Department reported that weekly jobless claims fell to 298,000 in the latest week. Dow Jones was calling for about 320,000, and Bloomberg was calling for roughly 322,000 in this report.

Last week’s report was revised higher to 321,000 from an initial report of 316,000. The four-week average was down slightly to 322,250.

A key measurement we watch is the continuing jobless claims, what we refer to as the army of unemployed. It is reported with a lag of one week, but this also fell by 21,000 to 2,744,000.

Unfortunately, good news is bad news when it comes to employment number strength right now. Stronger jobs data means a sooner start of the tapering of the Fed’s bond purchases.

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About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. a673b.bigscoots-temp.com.

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