Jobless Claims

Initial Jobless Claims totaled 530k, 20k less than expected and down from 551k last week which was revised up by 6k. It is now at the lowest level since early Jan not including the July distortions. Continuing Claims fell by 123k and was 45k below estimates BUT those that are receiving Emergency Unemployment Compensation rose by 82k to a new record high and Extended Benefits rose by 3k. This is evidence that many people that are falling out of the Continuing Claims category is not because they found a new job but because they’ve exhausted their initial 26 weeks of benefits. So the trend continues, a slowdown in the pace of firing but a reluctance on the part of businesses to hire.

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