US Jobless Claims Move Above 1 Million Again
The unemployment claims climbed above 1 million after falling below in the previous week
Skerdian Meta•Thursday, August 20, 2020•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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Skerdian Meta
Lead Analyst
Skerdian Meta Lead Analyst.
Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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