Initial Jobless Claims
-400,000 for week ended July 30
-Previous week revised from 398,000 to 401,000
-Previous week’s revision means 18 weeks of claims at/above 400k
-4-week Moving Average is 407,750
-This is not a sign that the jobs market is improving
-With BLS jobs report tomorrow, there is little to see here
The budget/deficit deal did not extend the length of time which those unemployeed can collect Federal benefits. While providing people with 99 weeks of unemployment benefits (the current policy) might seem helpful the fact is that someone unemployed for that long is less likely to find a job. I don’t believe that there is much that the government can do apart from what has already been done. Only the consumer can cure what is ill with the economy and the consumer is lacking confidence.