Initial Jobless Claims totaled 576k, 26k more than expected and up 15k from the prior week which was revised up by 3k. This brings the 4 week average up to 570k from 566k. Continuing Claims were 26k more than estimated and up 2k from last week. The insured unemployment rate was 4.7%, unchanged with the prior week. Those filing for Emergency Unemployment Compensation, which includes those that have exhaused their 26 weeks of continuing claims, rose by 92k to 2.878mm, a new high in this cycle. Those receiving extended benefits, which stretch past the life of EUC, fell by 48k to 401k and we’ll see if this is occurring because all unemployment benefits are running out for these particular individuals or it’s because they are finding new jobs. Because the pace of hiring is still extremely sluggish, it is unfortunately likely the former. Bottom line, the labor market remains very difficult.
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