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Initial Jobless Claims Hold at High Level

This morning, the Department of Labor announced that weekly initial jobless claims remained high, at 456,000. That is a decline of 3,000 from last week’s claim,

Jul 31, 2020
This morning, the Department of Labor announcedthat weekly initial jobless claims remained high, at 456,000. That is a decline of 3,000 from last week’s claim, upwardly revised to 459,000. The four-week average ticked up to 463,000. Economists had expectedinitial claims to fall to 450,000. I’ll repeat what I noted last weekabout the ill effects of the stall-out in the decline in unemployment:
Starting last spring, weekly initial jobless benefit claims slid downward. In the past few months, that decline has stopped. Essentially, the economy is improving but not adding nearly enough new jobs to bring the unemployment rate down, and if the unemployment rate does not come down, it slows down the recovery. Here is a chart of the claims since January 2008, with the stabilization around 450,000 on the right-hand side:
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One good note in the report: The number of people claiming ongoing unemployment benefits — not those claiming extended state or federal benefits, and therefore people between the first and 26th week of unemployment — fell to the lowest level since 2008. The number of claimers fell 255,000 in a single week, to 4,462,000.
Camilo Wood

Camilo Wood

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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