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Initial Jobless Claims Drop
Washington, D.C. – Initial jobless claims likely fell to a new pandemic low of 363 thousand last week, the fourth consecutive decline, indicating that the US labor market is continuing to recover even as several US states battle to handle rising coronavirus cases due to the spread of the Delta variety.
Nonetheless, weekly new claims are expected to remain elevated, compared to the average of 200 thousand before to the pandemic.
The total number of claimants is likely to continue to drop in the coming weeks as additional states terminate federal unemployment benefits ahead of the formal September national expiration date.
Additionally, continuing claims are estimated to have fallen to a new pandemic-era low of 2.8 million.
A Construction & AEC Report To Follow….
source: tradingeconomics.com