US initial jobless claims 419K versus 350K expected

Weekly initial jobless claims and continuing claims data

• Prior report came in at 360K revised to 368K
  
• Initial jobless claims 419K versus 350K estimate.
  
• 4 week moving average of initial jobless claims rose to 385.2 5K versus 384.5 K last week.
  
• Continuing claims felt to 3.236 million versus 3.1 million estimate. The prior week was revised up to 3.265 million versus 3.241 million previously reported
  
• Four week moving average of continuing claims came in at 3.338 million versus 3.382 million last week
  
• Click here for the full report
  

It certainly is disappointing to have the jobless claims move higher, and back above the 400 K level. Of potential importance is that the data this week is the week for the survey for next month's employment report to be released at the beginning of August. As a result, it puts a negative initial spin for that number. However, the market has been tolerant of the weekly data. Initial jobless claims are applications for jobless benefits, but do not necessarily reflect actual benefits. Moreover there has been reports of fraudulent claims especially as the programs wind down across the US.

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July 23, 2021 at 12:30AM
Greg Michalowski
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