Aug 6: Initial Claims Down

Initial Claims decreased by 38,000 to 550,000 for the week ending 08/01 from 588,000 the previous week (revised upward from 584,000).  Analysts expected a much higher figure of 586,000 for the week.  The 4-week moving average was 555,250, a decrease of 4,750 from the previous week’s revised average demonstrating that the underlying trend of filings is showing an improvement along with the substantial decline in filings for the week.  Seasonally adjusted insured unemployment last week was 6,310,000, an increase of 69,000 from the preceding week's revised level, while maintaining the seasonally adjusted insured unemployment rate of 4.7%.  This report proceeds the July Employment Situation report scheduled for release by the BLS tomorrow at 8:30 AM, with the unemployment rate expected to increase to 9.6% from the 9.5% level reported in June.
 
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