Initial Jobless Claims Increase
Initial unemployment applications unexpectedly increased from 460,000 last week to 484,000 this week. An unnamed Labor Department official quoted in the wire
Jul 31, 202075.2K Shares5.3M Views
Initial unemployment applications unexpectedly increasedfrom 460,000 last week to 484,000 this week.
An unnamed Labor Department official quotedin the wire stories says: “Volatility is always associated with the Easter holiday” and “This is more attributable to administrative factors than to possible layoffs. I did not see anything in the states’ numbers that would reflect economic concerns.”
That said — even if the number does not imply increased layoffs, it certainly does not indicate a willingness to hire on the part of businesses. Thus, the jobless recoverycontinues.
Camilo Wood
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