Initial Claims still stubbornly high

By Peter Boockvar - July 29th, 2010, 9:10AM

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.

PERMALINK
Category: Employment, MacroNotes.

Comments

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data, ability to repeat discredited memes, and lack of respect for scientific knowledge. Also, be sure to create straw men and argue against things I have neither said nor even implied. Any irrelevancies you can mention will also be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

One Response to “Initial Claims still stubbornly high”

rktbrkr Says:
July 29th, 2010 at 9:57 am
Smart move by the Rs throwing a spanner into extended benefits – a little forced retrenchment for the american consumer since unemployment gets spent not saved. Rs making political points on the backs of the distressed. Conservative compassion is an oxymoron, these conservatives are simply morons.

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