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.
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.