Weekly initial jobless claims jumped 30,000 in the week ending July 18 to 554,000, just below the forecast provided by Bloomberg of 560,000. The four-week moving average, which smoothes out some of the weekly volatility, fell 19,000 to 566,000. Continuing claims fell 88,000 to 6,225,000.
The Labor Department has said the big drop seen in weekly claims over the prior two weeks occurred because of the timing of auto layoffs this year, which have distorted seasonal adjustments.
It appears that we are seeing some evening-out in the distortions, but if claims can hold their current level, they will be well off their peak, suggesting a small improvement in labor market conditions.
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