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Jobless Claims Unexpectedly Rise

This morning, the Department of Labor announced that initial jobless claims rose 25,000 week-on-week to 471,000. Economists had expected claims to fall from

Jul 31, 2020
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This morning, the Department of Labor announcedthat initial jobless claims rose 25,000 week-on-week to 471,000. Economists had expectedclaims to fall from 444,000 to 440,000, continuing their slow decline. The 25,000 person increase is the largest in three months. The four-week average — which smooths week to week variation — climbed by 3,000 to 453,500.
The one-week statistic throws cold water on the idea of a fast-moving recovery. Employers are, on aggregate, adding new jobs. Last month, the unemployment rate ticked up from 9.7 to 9.9 percent, but only because more people re-entered or entered the workforce than employers could hire. And yesterday, the Federal Reserve released its April minutes, forecasting a brighter economic outlook. But unemployment and aggregate demand remain extraordinarily weak.
Camilo Wood

Camilo Wood

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Camilo Wood has over two decades of experience as a writer and journalist, specializing in finance and economics. With a degree in Economics and a background in financial research and analysis, Camilo brings a wealth of knowledge and expertise to his writing. Throughout his career, Camilo has contributed to numerous publications, covering a wide range of topics such as global economic trends, investment strategies, and market analysis. His articles are recognized for their insightful analysis and clear explanations, making complex financial concepts accessible to readers. Camilo's experience includes working in roles related to financial reporting, analysis, and commentary, allowing him to provide readers with accurate and trustworthy information. His dedication to journalistic integrity and commitment to delivering high-quality content make him a trusted voice in the fields of finance and journalism.
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