- Jobless claims edged down to 570,000 from the previous week’s revised figure of 574,000.
- Economists had been expecting jobless claims to slip to 564,000 from the 570,000 originally reported for the previous week.
- Though Jobless claims have stabilized in recent weeks, it is still at a relatively high level indicating continued weakness in the labor market.
- Report also showed that continuing claims, which measure the number of people receiving ongoing unemployment help rose to 6.234 million in the week ended August 22nd.
- Closely watched continuing claims number rebounded after coming in at 6.142 million in the week ended August 15th.
- ADP said that employment losses are clearly diminishing, although it noted that employment usually trails overall economic activity and is still likely to decline for at least several more months.
"At this point, with all the stimulus money as well as seasonal factors, we should be seeing the jobless number below 500,000. This is looking more and more like a jobless recovery," - Todd Schoenberger (Managing Director at Landcolt Trading in San Antonio, Texas)
0 comments:
Post a Comment