New weekly jobless claims fall to lowest level since January
New jobless claims filed last week fell 12,000 from the previous week, from 514,000 to 502,000, a number that came in lower than forecasters expected and gave hope to those who believe that unemployment is peaking.
Continuing claims by the unemployed last week fell from 5.77 million to 5.66 million.
The four-week moving average of weekly claims fell 4,500 to 519,750, the lowest number since November of last year.
The official U.S. unemployment rate is 10.2 percent, up from 9.8 percent in September. Though new weekly jobless claims are down from the 600,000 to 700,000 range we saw during the height of the recession, the job growth won't begin until the new weekly jobless claims number falls into the 400,000s.
In his daily letter to investors this morning, Dennis Gartman wrote that "the trend since the peak earlier this spring has been steadily downward," adding that "the worst clearly is now behind us. Of that we are certain."
-- Frank Ahrens
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November 12, 2009; 8:45 AM ET
Categories: The Ticker | Tags: Dennis Gartman, jobless claims
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