US initial jobless claims 965K vs 789K estimate

Author: Greg Michalowski | Category: News

Initial jobless claims and continuing claims

  • Prior report revised lower to 784K from 787K previously reported (minus 3K
  • Initial jobless claims 965K vs. 789K estimate
  • 4 week moving average initial claims 834.2 5K vs. 816K last week
  • Continuing claims 5271K vs. 5000K estimate
  • 4 week moving average continuing claims 5215.75K vs. 5274.75K last week 
  • Pandemic unemployment assistance claims 284K vs 161K last week
  • Full report HERE
Initial jobless claims

The jobless claims number is the highest since August 21 when claims were last above 1000 (at 1011K).

The jobless claims can have an impact around the holiday seasonals being out of whack. Also the extension of the benefits may have had an impact as well.    

Nevertheless, the data is a worrisome trend. It also advances the storyline for the Fed to be on hold for a while still, and for Congress to pass more stimulus to counteract the impact from the Covid-19 spread. 
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