Weakly Jobless Claims

Even though the jobless claims went down 29,000, there were still 409,000 Americans filing new unemployment claims. Hardly something that calls for popping champagne corks.
Stuart Varney of Fox Business News put it this way: “The layoffs just keep coming and it’s the sixth week we’ve seen jobless claims above 400,000. That’s a key number because it implies the labor market is still extremely weak. In fact, talking to a top banker this morning, he says ‘look, even if you create 300,000 new jobs each and every month, you’ll still have a weak labor market by the end of next year.’ So there is an element of desperation setting in and if I had to make a judgment, those jobless numbers show the job market is not performing well enough and we are not near where we should be at this point in a recovery.”
Look for a revision to this number. Last Thursday we were told it was 434,000 filing, then later it was moved up to 438,000. This number will probably be “revised” upward in the next few days, too.

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