Continuing Claims Drop Below Three Million

This morning’s jobless claims report came in at 385,000. That’s pretty good. It’s down 14,000 from the prior week’s report. Importantly, continuing claims fell to 2.93 million. That’s the lowest since the pandemic began about 17 months ago.

The slide in continuing claims came as the total of those receiving benefits under all programs fell to just below 13 million, a reduction of 181,251, according to data through July 17 that reflected a drop in those receiving extended benefits. A year ago, that number was just shy of 32 million as enhanced unemployment benefits were directed to those displaced by widespread business lockdowns.

Also this morning, we learned that the trade deficit rose 46% over last year. The monthly deficit was $75.7 billion.

The jobs report comes out tomorrow morning. Dow Jones says consensus is for 845,000.

Posted by on August 5th, 2021 at 10:50 am


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