Initial Jobless Claims Preview
Initial Jobless Claims for the week ended August 9 are expected at 435k from 455k the previous week, which was the highest reading since Mar-02.
Tomorrow’s report will likely be the 4th straight week of claims over 400k, the number typically associated with a recession. Labor officials have attributed the high numbers the last 2 weeks to more people checking their eligibility for emergency unemployment benefits and learning they were actually eligible for regular benefits.
Continuing Claims are expected at 3.31mln, a shade lower than the 3.311mln the prior week.
The 4-week moving average for claims was 420k last week, compared to 393k the prior week. The 4-week moving average for continuing claims was 3.201mln for the week ended July 26, from 3.174mln the prior week.