Weekly Initial Jobless and Unemployment Claims Rise to 464,000 – Above Estimates of 459,000
Posted on | July 22, 2010 | Comments Off
Weekly initial jobless and unemployment claims data has been released and there has been a rise to 464,000 which is higher than the consensus of 450,000. This is also quite a jump from the 429,000 from last week. The data from the previous week included the July 4th holiday which could have provided a backlog in processing applications as was described by a Labor Department Official.
US stock market futures are pointing towards a high open but as we mentioned last night, the weekly initial jobless and unemployment claims data has had a very strong correlation with the overall direction of the stock market. We will have a chart later today to help illustrate the comparison of jobless data and the overall health of the market.
Many commodities look to be higher this morning as well with the US Dollar down just over .5%. With a triple digit gain possible to start the trading day we will keep a close eye on the data that is released. The Dow Jones Industrial Average is currently sitting right at it’s 50 day moving average which could prove to be a very key level of support/resistance.
Author: Jesse Wojdylo
Tags: jobless claims > unemployment claims > weekly initial jobless claims > weekly jobless claims > weekly unemployment claims