Unemployment Mostly Unchanged Last Week, But Labor Market Growth Remains Sickly
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The number of people seeking unemployment benefits increase slightly during the week of August 11th. Initial claims were reported at 366k, 2k more than the previous weeks reading of 364k. The data was not too far from estimates which called for claims of 365k.
Continuing claims are at 3.305 million, down from 3,332 million last week.
While the numbers were not stellar, they do show stability in the labor market, although economists haven't seen a significant pick up in hiring based on recent data. While there doesn't appear to be a need to panic, government officials are likely to remain frustrated by the lack of momentum in hiring. What, if anything, they can do about it remains to be seen.
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Continuing claims are at 3.305 million, down from 3,332 million last week.
While the numbers were not stellar, they do show stability in the labor market, although economists haven't seen a significant pick up in hiring based on recent data. While there doesn't appear to be a need to panic, government officials are likely to remain frustrated by the lack of momentum in hiring. What, if anything, they can do about it remains to be seen.
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