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New Jobless Claims Bounce Back Up

This morning, the Labor Department announced that the number of people making initial jobless claims increased sharply last week, up by 37,000 to 464,000. The

Jul 31, 2020
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This morning, the Labor Department announcedthat the number of people making initial jobless claims increased sharply last week, up by 37,000 to 464,000. The sustained, high number of initial claims feeds the sustained, high jobless rate. Economists say initial claims need to fall into the 300,000s to demonstrate job growth and to spark a drop in the overall unemployment rate. Claims have remained around 450,000 since the beginning of the year.
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Weekly-Claims-480x327.png
Last week, claims had dropped to their lowest level in nearly two years. But the Labor Department says last week’s drop was a blip, noting that weekly jobless claims tend to be a jumpy measure. Big manufacturers like General Motors made fewer temporary layoffs than usual, due to higher demand and the already reduced size of their workforce.
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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