I Erred On the New Claims for Unemployment/New Jobs Numbers Earlier Today

I started this blog to help me keep track of the Bakken, in an attempt to better understand it.

Along the way, there were other issues that caught my attention about which I frequently blog.

One of them is the state of the economy because it affects directly/indirectly what is going on in the oil patch.

One of the indicators I follow regarding the economy is the number of new claims for unemployment benefits; another metric I follow is the unemployment rate.

For as long as I can remember, the "magic number" for new claims for unemployment benefits is 400,000. Below 400,000 new claims for unemployment benefits (monthly number), pundits generally agree is a good sign.  Above 400,000, not such a good sign.

The unemployment rate is easier to follow -- well, duh. Today it was reported to be 8.3 percent.

I don't recall if I have posted the "magic number" for the number of new non-farm jobs (again on a monthly basis). I don't know if the "magic number" is as straightforward as the unemployment claims "magic number," but based on today's news stories on CNBC it appears to be 200,000.

So, to keep it straight in my mind,

• the "magic number" for new claims for unemployment benefits: 400,000
• the "magic number" for new non-farm jobs: 200,000

Hopefully I can keep this straight.

I appreciate "anonymous" for alerting me to my error earlier today; the pundits have not moved the goalposts as I stated.

Now, back to the Bakken. Glad to have gotten that off my chest.