Initial Jobless Claims totaled 457k, a touch below expectations of 460k but last week was revised up by 4k to 468k. GM not shutting auto plants as is typical this time of the year is still a distortion but it is surprising that claims aren’t lower because of it and thus current levels still remain a concern at this stage of an economic recovery. The 4 week average, which helps to smooth out the data, fell to 453k from 457k. Continuing Claims rose by 81k and were 65k above the forecast. Extended Benefits, delayed by 2 weeks, fell a net 269k and are still being influenced by the lack of benefit extension legislation at the time which should reverse in the next week or two as it’s since passed.
Initial Claims still stubbornly high
July 29, 2010 9:10am by
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