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Another Sign That the US Economic Rebound is Not Going Too Well, With Jobless Claims Above 1 Million
All hopes were for a quick rebound when the shut-down took place and the global economy was in broad decline. The decline stopped and the rebound started in May, as the world started reopening. But, the rebound has slowed down and some sectors haven’t got back to normal yet, such as employment.
The unemployment claims have declined, but they remain above 1 million, which is not normal at all. So, there is a fight between the doves and the hawks now, but politics will decide who wins this fight, because they are responsible for the economy now more than ever.
US initial jobless claims and continuing claims
- initial jobless claims 1006K vs 1000K estimate
- jobless claims four-week average 1068K vs 1175.25K last week
- continuing jobless claims 14535K vs 14400K estimate
- continuing claims four-week average 15215K vs 15819.75 last week
The claims data continues to disappoint with the weekly numbers back above 1 million for the 2nd week in a row after dipping below for one week early in August (to 971). Continuing claims also was slightly higher than expectations. Nevertheless it was still lower vs. the last week’s revised 14758K number.
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