by Mike ‘Mish’ Shedlock
The Street
Initial claims remain above 1,000,000. Continued claims show only a slight improvement.
Initial Claims Remain Above 1,000,000
The US Department of Labor reports In the week ending August 22, the advance figure for seasonally adjusted initial claims was 1,006,000, a decrease of 98,000 from the previous week’s revised level. The previous week’s level was revised down by 2,000 from 1,106,000 to 1,104,000. The 4-week moving average was 1,068,000, a decrease of 107,250 from the previous week’s revised average.
The string of 20 straight weeks above the million mark just ended 3 weeks ago but claims are back above that milestone for the last two weeks.