Initial Jobless Claims totaled a disappointing 484k, 19k higher than expected and up from 482k last week. To smooth out the seasonal adjustment problems in July this year because some auto plants shut down and others didn’t, the 4 week average moved to 474k, the highest since Feb. Continuing Claims, up to 26 weeks, fell by 118k but Extended Benefits rose a net 1.33mm in response to the government’s extension of unemployment insurance, in some states back to 99 weeks, where those that temporarily fell off were able to come right back. Bottom line, seasonal distortions or not, initial claims are still too high and point to a still lame labor market.

Category: MacroNotes

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3 Responses to “Distorted or not, initial claims still too high”

  1. powersjq says:

    Bad headline Mr. Bockvar. Too high for what, compared to what? Will they be revised down? Headlines that can easily be read as contradicting the point of the post–which is that the initial claims numbers are too high for comfort–are bad headlines.

  2. wngoju says:

    Appreciate the commentary and numbers, etc. Thanks.

    Obligatory “however”: The data “point to a still lame labor market”. Yikes! Who would have thought?

  3. Hugh says:

    Well…I understood the headline! Too high in that the employment situation is not getting better; too high in that maybe GDP growth is becoming more anemic; too high as we come out of a recession that started 33 months ago.