Friday, September 21, 2012 – 09:30 a.m.
Weekly first-time jobless claims continue to remain stubbornly high in September.
Thursdays report of last weeks claims fell 3,000 to a seasonally-adjusted 382,000.
The number is near a two-month high.
The four-week moving average is 377,750.
A number below 375,000 is somehow alleged to be good for the economy.
Last year, a number below 275,000 was supposed to be needed to lower the national unemployment rate, which currently sits at 8.1%.
With new claims remaining high, it’ll be interesting to see how the Labor Department handles the data for the September unemployment report due out October 5th.
Will the Department of Labor let the rate go up? Will they say hundreds of thousands more people gave up looking for a job to keep the rate from rising?
We’ll know in 14 short days.
The result will have a huge impact on Presidential politics.
Why? Because the report could transmit a feeling to voters that things aren’t improving, at best, or deteriorating.
A bad scenario for the incumbent.