Initial Jobless Claims Rise to Highest Level Since February
This morning, the Department of Labor reported that weekly initial jobless claims climbed to the highest level in five months, up 2,000 to 484,000, with last
Jul 31, 202099K Shares4.9M Views
This morning, the Department of Labor reportedthat weekly initial jobless claims climbed to the highest level in five months, up 2,000 to 484,000, with last week’s number revised up to 482,000. That was nearly 20,000 higher than economists expected. The four-week average, which smooths out the jumpy weekly number, rose to 474,000, the highest since February.
Continuing unemployment claims declined slightly. But extended benefits swelled by 1.3 million, in response to Congress reauthorizing a federal extension at the end of July, restoring unemployment insurance benefits to millions who had lost them starting June 2.
Economists believe that initial claims need to fall well into the 300,000s to make a dent in the unemployment rate, which itself remains elevated and would be higher were it not for drop-outs from the labor force. The stall-out in the labor market recovery is discomfiting, and the picture seems to be getting worse, rather than better.
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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