The U.S. Department of Labor has released weekly jobless claims totals showing an employment recovery effort still underway. While the initial claims are 860,000 they are lower than expectations, highlighting positive job gains in the overall economy.
(DOL) In the week ending September 12, the advance figure for seasonally adjusted initial claims was 860,000, a decrease of 33,000 from the previous week’s revised level. The previous week’s level was revised up by 9,000 from 884,000 to 893,000. The 4-week moving average was 912,000, a decrease of 61,000 from the previous week’s revised average. (link)
(CNBC) […] Another piece of good news was a decline in continuing claims, which fell 916,000 to 12.63 million, compared with the 13 million consensus from FactSet. The four-week moving average for continuing claims dropped by 532,750 to 13.5 million. Continuing claims peaked at 24.9 million in early May. (more)
The key for continued economic success is to get the blue regions and blue states to re-open their economies. However, unfortunately that positive direction is against their political interests. Democrats are willing to inflict economic pain for political benefit.