New Jobless Claims Fall, Remain Above 450,000
This morning, the Labor Department announced that initial weekly jobless claims fell to 454,000. The number of people continuing to receive benefits fell to the
Jul 31, 2020118K Shares4.9M Views
This morning, the Labor Department announcedthat initial weekly jobless claims fell to 454,000. The number of people continuing to receive benefits fell to the lowest level in seven months, in large part due to Congress’ inability to renew federally extended benefits. The broader trend remains: Initial claims have failed decline materially since the beginning of the year, a stall-out that implies a higher unemployment rate and continued distress in the jobs market.
Economists had expectedinitial claims to drop to around 460,000, so, for the first time in some weeks, initial claims beat expectations. The 21,000 drop in initial claims brings them down to the lowest level since May. But the four-week average is a sobering 466,000, and most economists say that initial claims need to fall into the 300,000s or lower to bring down the broader unemployment rate.
Dexter Cooke
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Dexter Cooke is an economist, marketing strategist, and orthopedic surgeon with over 20 years of experience crafting compelling narratives that resonate worldwide.
He holds a Journalism degree from Columbia University, an Economics background from Yale University, and a medical degree with a postdoctoral fellowship in orthopedic medicine from the Medical University of South Carolina.
Dexter’s insights into media, economics, and marketing shine through his prolific contributions to respected publications and advisory roles for influential organizations.
As an orthopedic surgeon specializing in minimally invasive knee replacement surgery and laparoscopic procedures, Dexter prioritizes patient care above all.
Outside his professional pursuits, Dexter enjoys collecting vintage watches, studying ancient civilizations, learning about astronomy, and participating in charity runs.
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