Economic news released Thursday was consistent with an economy struggling to recover.
Thursday’s economic indicators came in “rather mixed,” said Ed Moya, senior market analyst at OANDA , as economic “momentum continues to fade.”
“Jobless claims improved but show recovery is stalling,” he said.
Initial jobless claims slipped to a seasonally adjusted 860,000 in the week ended Sept. 12, from the previous week’s upwardly revised level of 893,000, originally reported as 884,000, the Labor Department said Thursday. Economists polled by IFR Markets projected 850,000 claims in the week.
“Weekly jobless claims improved slightly, but the total number of people claiming some benefits in all programs rose to 29.8 million, with 659,000 using the Pandemic Unemployment Assistance program,” Moya said. “Continuing claims have now recovered half of the job losses throughout COVID-19, but still have a long way to go.”
Continuing claims dropped to 12.628 million in the week ended Sept. 5, from an upwardly revised level of 13.544 million a week earlier, first reported as 13.385 million.”As time during the pandemic seems to both race ahead and stand still, new jobless claims have remained historically elevated for 26 weeks, or a half-year,” said Mark Hamrick, senior economic analyst at Bankrate.The states with the largest […]
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