We received some data about how the jobs market is doing, and while both metrics missed expectations, one was flat versus the prior reading and one was a slight improvement.
Initial claims came in at 374,000 when the consensus estimate was calling for 370,000. The number was in line with the most recent release. The 4-week moving average was 370,250, an increase of 1,500 from the previous week’s revised average of 368,750.
Continuing claims were 3.316 million which was below expectations of 3.300 million. The continuing claims level was an improvement from the prior release of 3.321 million. The 4-week moving average was 3.321 million an increase of 9,000 from the preceding week’s revised average of 3.312 million.
If you are looking for a silver lining on this ho-hum report, I did find this in the release. The total number of people claiming benefits in all programs for the week ending August 11 was 5,532 million, a decrease of 62,253 from the previous week.
Do you think that this data was enough to move the needle in the economy?
To read this article on Zacks.com click here.
Zacks Investment Research
