The downturn in weekly jobless claims finally came to an end in the latest week, with the claims rising 12,000 to 465,000. The 4-week moving average, however, slipped by 3,250 to 466,500.
According to Bloomberg News, problems surrounding seasonal adjustments tied to the Labor Day holiday have been responsible for some of the decline over the past couple of weeks.
The backup in claims is a bit disappointing, since the weekly figure is still stuck in the elevated range it has been in since the start of the year. However, it is down from the yearly high of just one month ago, which is a good indication that the economy is slowly improving.
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