Jobless Claims Hold At 400k

The number of people filing for unemployment insurance last week was 400,000, a decrease of 1,000 from the previous week’s revised figure, the Department of Labor said today.

Economists had predicted claims would rise to 405,000, according to a Reuters report. Either way, until claims “decisively” fall below 400,000, which has yet to happen, little growth can be expected.

Tomorrow, the federal government releases employment data for the month of July. Economists predict that payrolls likely increased 85,000 in July, while payroll company ADP, which releases its own survey, says employment increased by 114,000, with most growth coming from service-providing small and medium businesses.

Also in the Department of Labor report, the number of people receiving continuing unemployment benefits fell by 75,000 in the week ended July 15, the most recent week data were available. But the subset of people who were getting emergency unemployment benefits after exhausting their regular state checks rose that week by 12,000 to 3.18 million.