This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Jobless Claims Stick At 400,000

NEW YORK ( TheStreet) -- The latest reading on weekly jobless claims show a staggering jobs market.

Some 400,000 Americans filed for first time unemployment claims in the last week of July, according to the Labor Department. Coupled with a revision of initial claims in the prior week to 401,000, the latest update means claims have yet to dip below the 400,000 mark for 17 weeks.

If the jobs market is improving, then initial claims will have to show a more consistent downward trend in the coming weeks. The market gave a short-lived cheer to the news, with stock futures paring some losses before retreating again.

The 1,000 drop in initial claims was not much better than economists had been expecting. Consensus estimate was looking for 405,000 in initial claims for the last week of July, up from 398,000 in the prior week. had been a bit more pessimistic, pegging the number at 420,000.

Continuing claims came in at 3.73 million for the week ending July 23, about in line with estimates and unchanged from the week prior.

Meanwhile, the four-week moving average, which is considered a more stable measure, dropped to 407,750 from a revised 414,500 in the prior week.

Tomorrow, investors will get a more definitive read on the jobs market with the government's unemployment report. The market has been skeptical of jobs data points so far given that initial claims tend to fluctuate. Automatic Data Processing reported yesterday that companies added 145,000 new jobs in June, but economists are holding their breaths for the government numbers given that the last ADP report missed the government's reading by so much. While ADP had pegged new jobs in June at 157,000, the government reported just 18,000.

-- Written by Chao Deng in New York.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.64 0.00%
FB $118.57 0.00%
GOOG $698.21 0.00%
TSLA $241.80 0.00%
YHOO $36.53 0.00%


Chart of I:DJI
DOW 17,891.16 +117.52 0.66%
S&P 500 2,081.43 +16.13 0.78%
NASDAQ 4,817.5940 +42.2360 0.88%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs