INITIAL JOBLESS CLAIMS 455k, CONTINUING CLAIMS 3.311mln
Initial Jobless Claims for the week ended August 2 were 455k, higher than the 425k expected and the highest reading since Mar-02. That was up 7k from the unadjusted 448k last week. The 4wk moving average for claims was 420k, up 27k from last week’s downwardly revised 393k.
Continuing claims for the week ended July 26 totaled 3.311mln, higher than the 3.255mln expected, and a 31k increase from the downwardly revised 3.28mln the week prior. The 4wk average for continuing claims was 3.201mln, 27k higher than the previous week.
As was the case last week, a Labor official attributed the higher claims number to more people checking their eligibility for emergency unemployment benefits and learning they were actually eligible for regular benefits.
Ohio reported an increase of over 4k claims due to layoffs in the auto industry and California saw a jump of almost 4k from job cuts in the trade and service industries.
Michigan had the biggest decrease, with claims down over 7k. Wisconsin’s claims were almost 7k lower due to fewer layoffs in the construction, trade, service and manufacturing industries.