Jobless Claims Fall to 1.314 Million

This morning’s jobless claims report showed that 1.314 million Americans filed for jobless claims. That was below Wall Street’s forecast for 1.39 million. That was enough for the Nasdaq Composite to rally to another all-time high.

Continuing claims fell sharply, dropping 698,000 from a week earlier to 18.06 million. The previous week’s total itself was revised down by 530,000. Wall Street had been expecting 18.9 million continuing claims, according to FactSet.

Despite the better-than-expected numbers, this marked the 15th consecutive week that initial claims totaled above 1 million. Claims under the Pandemic Unemployment Assistance program also totaled 1.039 million, an increase of nearly 42,000 from the previous week.

Danaher (DHR) is up to a new high this morning.

Posted by on July 9th, 2020 at 10:03 am


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