The U.S. Department of Labor is reporting that an additional 1.186 million Americans made their initial filing for unemployment benefits during the week ending on Saturday August 1st. A decrease of 249,000 from the previous week’s revised level. Well below the peak of 6.9 million which dates back to the week ending March 28th. Claims continue to remain above 1 million. The 4-week moving average was 1,337,750 a decrease of 31,000 from the previous week’s revised average. This week’s new claims brought the nineteen-week total to 55.377 million. The advance number for seasonally adjusted insured unemployment, known as continuing claims during the week ending July 25th was 16,107,000, a decrease of 844,000 from the previous week’s revised level. Continuing claims remain below 20 million for the fifth week in a row. The 4-week moving average was 16,628,250, a decrease of 413,250 from the previous week’s revised average. The advance seasonally adjusted insured unemployment rate was 11.0% for the week ending July 25, a decrease of -0.6 percentage point from the previous week’s unrevised rate.
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