Jobless Claims Rise; The Gas Price Low Is Probably In
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Initial jobless claims may have ended their recent downtrend.
Initial claims rose 19,000 to 219,000 from last week’s 5-month low. The 4-week average rose 250 from its 4-month low to 206,500. Continuing claims, which lag somewhat, increased from 15,000 to 1,361,000:
The downtrend of the past 2 months was almost certainly a positive side-effect of lower gas prices. But in the past 2.5 weeks, according to GasBuddy, gas prices have risen over $.20/gallon. With OPEC deliberately cutting back production in order to cause a shortage in Europe and the US this winter (to aid Russia), it is very likely that gas prices will continue to rise again. If so, I expect jobless claims to rise again as well.
More By This Author:
Signs And Portents Of An Employment Slowdown And A Near-term RecessionAugust JOLTS Report: The Game Of Reverse Musical Chairs In The Jobs Market Is Ending
September Manufacturing New Orders And August Construction Spending Both Turn Down
Disclaimer: This blog contains opinions and observations. It is not professional advice in any way, shape or form and should not be construed that way. In other words, buyer beware.
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