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EconomyWeekly jobless claims hold around pandemic-era low; GDP revised higher to 6.6%

Weekly jobless claims hold around pandemic-era low; GDP revised higher to 6.6%

Initial claims for unemployment insurance coverage had been little modified over the previous week, hovering around coronavirus pandemic-era lows as the roles market reveals additional indicators of therapeutic.

First-time filings totaled 353,000 for the week ended Aug. 21, a slight enhance from the earlier week’s 349,000, the Labor Department reported Thursday. That was barely worse than the 350,000 Dow Jones estimate.

A separate financial studying confirmed that gross home product elevated at a 6.6% annualized tempo within the second quarter, in accordance to the second estimate Thursday from the Commerce Department. That was forward of the 6.5% preliminary estimate however a notch beneath the 6.7% Dow Jones forecast.

Taken collectively, the stories present an economic system rising via the pandemic, regardless of issues over sharply rising circumstances of the Covid-19 delta variant.

Markets confirmed little response to the information, with shares principally flat midmorning Thursday.

On the roles entrance, weekly claims held around the very best ranges they’ve seen since March 2020, although they’re effectively above pre-pandemic ranges and exhibiting some indicators of flattening.

Continuing claims additionally confirmed little change, dropping 3,000 from the earlier week to 2.86 million, in accordance to knowledge that runs per week behind the headline quantity. However, the four-week shifting common tumbled 108,500 to simply over 2.9 million.

Maryland (3,618) and Illinois (3,515) confirmed the biggest weekly beneficial properties, whereas Michigan noticed a decline of seven,056, in accordance to unadjusted knowledge.

The whole of these receiving advantages throughout all authorities packages rose to simply above 12 million, in accordance to knowledge via Aug. 7. A yr in the past the whole was practically 27.5 million.

In the GDP revision, the second studying for the tempo of all items and companies produced got here in higher from the preliminary estimate due to an upward revision in nonresidential fastened funding. Some cuts to the earlier estimates for personal stock and residential fastened funding, together with a decrease studying on state and native authorities spending, partially offset the higher quantity.

Correction: First-time jobless claims filings totaled 353,000 for the week ended Aug. 21. An earlier model misstated the date.

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