After last week disappointing on jobless claims was lost in the noise around an epic June payrolls report.
Nonfarm payrolls showed that the economy added 4.8 million jobs last month, claims figures showed another 1.43 million Americans filed for unemployment benefits.
1.314 million of Americans files last, which is less than the market was looking for, whereas the consensus was at 1.38, but can that be considered such a good scenario?
Looking to the orange line, which is the four-week moving average dropped to 1.44 million. Continuing claims fell to 18.062 million in the week ending in June 27, which is good news, when the market was looking for 18.8 million.
Although is possible to consider that the claims are not falling at a good pace, because number above 1 million is considered unimaginable in a pre-covid-19 era.
Note that the total number of claimants for the week ended June 20 was 32.92 million, which considerably more than the 17.75 million “officially” unemployed based on the jobs report.
As of this day the Congress will debate the current situation, while it his said that Trump wants to have an answer for the actual situation on his desk in early August.
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