Reported initial jobless claims were in in line with estimates: 608,000 (increase of 3,000). The previous week's number was revised upward (slightly) to 605,000. Continuing jobless claims fell for the first time since January.
Please note:
- Continuing claims were thought to have fallen 2 weeks ago, but the number was revised higher
- Even if the number is not revised higher, we don't know why the number dropped. Was it because people are finding jobs or is it because their benefits expired? A few weeks ago, I made mention of this. The longer the slide in jobs continues, the tougher it becomes to interpret the data.
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