The figure is almost right on the mark of what analysts expected: 404,000 vs. 406,000. The figures for last week were revised upward to 405,000.
Now if the readers bear with me a minute, I will apply some numbers: New claims for unemployment have hovered around 400,000 for a while whereas new jobs have fluctuated up and down, from almost none to 100,000 or so. Taking the 400,000 new claims and 100,000 new jobs as the working figures, we find that there were 4.800,000 new claims for unemployment and 1.200,000 new jobs created in 12 months. The difference, the excess of the new unemployed over the new hires was 3.600,000 people.
3.600,000 extra people unemployed in 12 months. How is it then that the official unemployment rate remains unchanged? It actually might have gone down a notch or two (officially) during the last 12 months.
Let’s wait for New jersey’s numbers, perhaps toward the end of next week. May be New Jersey favorably beats the national trend for once.
Markets have reacted negatively to these figures and news from Europe.