The U.S. Department of Labor is reporting that an additional 963,000 Americans made their initial filing for unemployment benefits during the week ending on Saturday August 8th. A decrease of 228,000 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 have dropped below 1 million for the first time in twenty weeks. The 4-week moving average was 1,252,750, a decrease of 86,250 from the previous week’s revised average. This week’s new claims brought the twenty-week total to 56.344 million. The advance number for seasonally adjusted insured unemployment, known as continuing claims during the week ending 1st August was 15,486,000, a decrease of 604,000 from the previous week’s revised level. Continuing claims remain below 20 million for the sixth week in a row. The 4-week moving average was 16,169,500 a decrease of 454,500 from the previous week’s revised average. The advance seasonally adjusted insured unemployment rate was 10.6% for the week ending August 1st, a decrease of 0.4 % point from the previous week’s unrevised rate.
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