Weekly Jobless Claims Drop, Trade Gap Expands
New jobless claims filed last week dropped 26,000 from the previous week to 550,000, the Labor Department said this morning, beating expectations.
Also, the trade gap -- often referred to as the trade deficit -- grew from $27.5 billion to nearly $32 billion, which was more than expected, the Commerce Department reported.
Continuing jobless claims dropped to 6.09 million, which was better news for long-term unemployment.
Forecasters expected 558,000 to 560,000 new jobless claims to be filed last week.
The economy won't start getting some recovery traction until the weekly jobless claims number gets down into the 450,000 range, economists say.
As for the trade gap number, it's a reflection of crippled U.S. manufacturing that has been working to burn through inventory rather than build lots of new things to export. Also, U.S. consumers are saving at a much higher rate now than they did last year, which means they're buying fewer things built overseas.
-- Frank Ahrens
Sign up to get The Ticker on Twitter
September 10, 2009; 9:40 AM ET
Categories: The Ticker | Tags: jobless claims, trade gap
Save & Share: Previous: Six-Month Anniversary of Stock Market Bottom Today
Next: Markets Down Slightly at Opening
Posted by: Steve94 | September 10, 2009 10:14 AM | Report abuse
Posted by: TalkingHead1 | September 10, 2009 11:06 AM | Report abuse
Posted by: DwightCollins | September 10, 2009 11:32 AM | Report abuse
Posted by: dashriprock | September 10, 2009 2:45 PM | Report abuse
Posted by: LarryG62 | September 10, 2009 4:49 PM | Report abuse
The comments to this entry are closed.