Weekly jobless claims maintain round pandemic-era low; GDP revised greater to six.6%
Preliminary claims for unemployment insurance coverage have been little modified over the previous week, hovering round coronavirus pandemic-era lows as the roles market exhibits additional indicators of therapeutic.
First-time filings totaled 353,000 for the week ended Aug. 21, a slight improve from the earlier week’s 349,000, the Labor Division reported Thursday. That was barely worse than the 350,000 Dow Jones estimate.
A separate financial studying confirmed that gross home product elevated at a 6.6% annualized tempo within the second quarter, based on the second estimate Thursday from the Commerce Division. That was forward of the 6.5% preliminary estimate however a notch beneath the 6.7% Dow Jones forecast.
Taken collectively, the studies present an economic system rising by means of the pandemic, regardless of issues over sharply rising instances of the Covid-19 delta variant.
Markets confirmed little response to the information, with shares principally flat midmorning Thursday.
On the roles entrance, weekly claims held round the most effective ranges they’ve seen since March 2020, although they’re nicely above pre-pandemic ranges and displaying some indicators of flattening.
Persevering with claims additionally confirmed little change, dropping 3,000 from the earlier week to 2.86 million, based on information that runs every week behind the headline quantity. Nonetheless, the four-week transferring common tumbled 108,500 to only over 2.9 million.
Maryland (3,618) and Illinois (3,515) confirmed the most important weekly positive aspects, whereas Michigan noticed a decline of seven,056, based on unadjusted information.
The overall of these receiving advantages throughout all authorities packages rose to only above 12 million, based on information by means of Aug. 7. A yr in the past the full was practically 27.5 million.
Within the GDP revision, the second studying for the tempo of all items and companies produced got here in greater from the preliminary estimate attributable to an upward revision in nonresidential mounted funding. Some cuts to the earlier estimates for personal stock and residential mounted funding, together with a decrease studying on state and native authorities spending, partially offset the upper quantity.
Correction: First-time jobless claims filings totaled 353,000 for the week ended Aug. 21. An earlier model misstated the date.
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