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2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

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
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By Frank Ahrens  |  September 10, 2009; 9:40 AM ET
Categories:  The Ticker  | Tags: jobless claims, trade gap  
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how many people have been unemployed so long they cannot collect anymore? They never include this number. It is a terrible number which they skew in their favor.

Posted by: Steve94 | September 10, 2009 10:14 AM | Report abuse

Consumer spending is down not only because those who can spend are saving, instead, but, also, because those who want to or need to buy cannot, due to unemployment or under-employment in this Bushed Recession.

Posted by: TalkingHead1 | September 10, 2009 11:06 AM | Report abuse

obama still has not talked to investors or employers...
obama has abandoned the unemployed...
throw the dems out...

Posted by: DwightCollins | September 10, 2009 11:32 AM | Report abuse

Today the white House states, the stimulus bill has save or created 1 million jobs.

What a load of BS.

Any lib want to explain how you measure "Saved Jobs" ?

Posted by: dashriprock | September 10, 2009 2:45 PM | Report abuse

The incompetent in the White House still doesn't have a clue about jobs or the economy.

His administration is still issuing 125,000 green cards to foreigners each month.
That totals 1.5 million foreigners each year competing for scarce jobs.

Great policy by the dimwit leftist who is trashing our economy.

Posted by: LarryG62 | September 10, 2009 4:49 PM | Report abuse

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