New filings for jobless claims totaled 881,000 last week, better than estimates as the employment market continued its gradual progress during the coronavirus pandemic recovery.The number reflects an improving labor market as well as a change in methodology from the Labor Department to address seasonal factors. Unique circumstances associated with the coronavirus likely caused jobless claims totals to be overstated during the pandemic.
Continuing claims fell sharply, dropping by 1.24 million to 13.254 million. The insured unemployment rate, a basic calculation of those getting benefits against the total labor force, fell by 0.8 percentage points to 9.1%.The Labor Department changed its methodology from one that used seasonal adjustments to account for normal disruptions in the job market that don't apply as much under the virus-related conditions.
Claims under the Pandemic Unemployment Assistance program rose sharply last week to 759,482, an increase of 151,674, according to unadjusted figures. The program has provided benefits during the pandemic to those who normally wouldn't be eligible for unemployment insurance. At the state level, Florida saw the biggest decline for the week at 12,312, while California showed the biggest gain, at 39,958.
Initial jobless claims in the week ended Aug. 29 at 881,000 That makes 59.281 million totally.
There is a new methodology
Solid stat. More improvement needed
Tweet this again in about 7 hours plz
Hugh sell off in the rigged stock markets on such good news? Not good news? No, not good news.
Wow, who expected 950K when a million was so near?
Rick Santelli, man of the people!
Grateful for a better than expected current report. Still, we ADD those to the millions still out of work. Would be nice to see more attention paid to enabling THAT recovery and less about the BOOMING Stock Market.