New Jobless Claims Number Shouldn't Move the Needle

The weekly jobless claims number was released today. It came in just 7,000 under the expected 370,000, at 363,000.

The big numbers to watch for come out Friday, when the Bureau of Labor Statistics and ADP both release their last unemployment figures before the election. Payroll firm ADP revised its counting methodology and is expected to show half the number of jobs created in September than previously reported.

The BLS reported that unemployment dipped below 8% in October for the first time in years, but it turned out that that was largely because California failed to report its numbers. Tomorrow’s numbers should include California, and it’s worth paying special attention to the U-6 underemployment number. Temporary holiday hiring may be a factor in any unemployment rate decrease.

Mitt Romney is out with a new jobs-friendly ad today. He is centering his closing argument in part by contrasting his business experience with the president’s total lack of same. When Americans need jobs, the president’s big idea is to move boxes on the government bureaucracy organizational chart.

http://www.youtube.com/watch?v=mFH2fowIc0Q