- First time claims for unemployment benefit showed a wider increase for July.
- Report showed that initial jobless claims fell to 550,000 from the previous week’s revised figure of 588,000.
- Economists had been expecting jobless claims to edge down to 580,000 from 584,000 originally reported for the previous week.
- The data showed a return to normalcy following a volatile period in July that included two weeks of steep declines followed by two weeks of rebounds.
- The decline occurred after the usual layoffs in the automobile and other manufacturing sectors, which are expected this time of year.
"While the drop in initial claims is welcome, as the pace of firing seems to be slowing, the other data points still point to a difficult hiring environment.” – Peter Boockvar ( Equity Strategist, Miller Tabak)
- Payroll processor said that employment is likely to decline for at least several more months despite recent indications that overall economic activity is stabilizing.
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