The Labor Department has come out with its weekly jobless claims, and we are current faced with a very weak market for job growth. Numbers were down 12,000 revised to 545,000. The consensus was 575,000, while the prior figure last week was 550,000 on an unrevised basis and went up to 557,000.
The four week average fell by 8,750 to 563,000. Continuing claims for the unemployed continues to rise, the figures rose by 129,000 to 6.23 million. The figures from the prior week would have rose even more if Labour Day wasn't present.
1 out of 10 are out of work on a official figure basis, while 1 out of 10 are either working part-time or under employed. Weekly jobless figures have to be down to 400,000 to see a healthy economy develop.