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Jobless Claims Increased Last Week

Submitted by Mike Swanson on Thu, 2010-07-01 09:52.

Today the Labor Department announced that weekly jobless claims rose 13,000 last week to 472,000.

Economists that were surveyed by CBS Marketwatch were expecting jobless figures to decline to 455,000, but instead they rose.

These numbers come ahead of tomorrow's June unemployment report which is expected to show that 110,000 jobs were added to the US economy last month.

Stock futures dipped as a result of these numbers, but after days of heavy selling in the market there are hopes now that the market may have fallen so far so fast that some sort of bounce must be in the cards. There is an air of desperation now among bullish investors.

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Hello. My name is Mike Swanson. I’m the best-selling author of the book Strategic Stock Trading. In a former life I used to run a hedge fund from 2003 to 2006 that generated a return of over 78% during that time frame. In fact it was ranked in the top 35 out of 5,000 hedge funds in 2005.

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