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Initial unemployment insurance claims: 243k, up 22k, highest level since August
https://finance.yahoo.com/news/jobless-claims-hit-highest-level-since-august-141051604.htmlJobless claims hit highest level since August, Josh Schafer, Yahoo Finance, 7/18/24
. . . New data from the Department of Labor showed 243,000 initial jobless claims were filed in the week ending July 13, up from 222,000 the week prior and above the 229,000 economists had expected. This tied with a weekly jobless claims reading from June for the highest level of weekly filings since August 2023.
Meanwhile, the number of continuing applications for unemployment benefits hit its highest level since November 2021, with nearly 1.87 million claims filed in the week ending July 6, up from 1.85 the week prior.
Jefferies US economist Thomas Simons reasoned that part of the uptick in weekly claims could have been caused by Hurricane Beryl displacing workers. Still, Simons noted that the trend in recent weeks for jobless claims has reflected more cracks emerging in the labor market.
((A big beautiful graph of initial claims from Jan 2022 onwards -Progree))
. . . New data from the Department of Labor showed 243,000 initial jobless claims were filed in the week ending July 13, up from 222,000 the week prior and above the 229,000 economists had expected. This tied with a weekly jobless claims reading from June for the highest level of weekly filings since August 2023.
Meanwhile, the number of continuing applications for unemployment benefits hit its highest level since November 2021, with nearly 1.87 million claims filed in the week ending July 6, up from 1.85 the week prior.
Jefferies US economist Thomas Simons reasoned that part of the uptick in weekly claims could have been caused by Hurricane Beryl displacing workers. Still, Simons noted that the trend in recent weeks for jobless claims has reflected more cracks emerging in the labor market.
((A big beautiful graph of initial claims from Jan 2022 onwards -Progree))
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The ultimate source: https://www.dol.gov/ui/data.pdf -- always worth a glance at the graphs
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