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