The trend is still down despite the little hiccup last week

US Jobless Claims Move Above 1 Million Again

Posted Thursday, August 20, 2020 by
Skerdian Meta • 1 min read

Unemployment claims surged in the US at 6 million a week for two weeks during April, with the total number of unemployed increasing to around 40 million. But, jobless claims have been cooling off since then, falling below 1 million in the first week of August for the first time since March. But today’s report showed another increase above 1 million for last week.

US initial jobless claims and continuing claims

  • Initial jobless claims 1,106K vs 920K estimated
  • Prior week revised up 8K, from 963K to 971K
  • 4 week moving average of initial jobless claims 1,254.75K
  • US continuing jobless claims 14,844KK vs 15,000K estimate.
  • The prior week was revised to 15,480K vs 15,486K previously reported
  • 4 week moving average of continuing claims came in at 15,841.25K
  • There were gains in claims in New Jersey, New York, and Texas
The move back above the million level at this point is a step back. But the continuing claims moved back below the 15 million level which is positive, at least for now. Although, that’s how trends ususally unfold in forex or economics, with sporadic pullbacks, so I expect the bearish trend to continue for jobless claims in the coming months.
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