U.S. Weekly Unemployment claims a total of 881,000, vs. 950,000 expected

 U.S.  Weekly Unemployment claims a total of 881,000, vs. 950,000 expected

The new filing for employment claims last week was 88,881,000, which is better than estimates that the employment market continues to make steady progress during the recovery of the coronavirus epidemic.

Economists surveyed by the Dow Jones were in search of a total of 950,000.

This number reflects both changes in the methodology of the labor department as well as reforms in the labor market to take into account seasonal factors. Due to the unique circumstances associated with coronavirus, the total number of unemployment claims during the epidemic is likely to increase.

While the numbers had declined from the previous week, making those comparisons difficult, it had not improved.

However, the department noted that claims for the week ended August 29 represented a decrease of 1.011 million from the previous week.

Continuing claims fell sharply, from 1.24 million to 13.254 million. The basic calculation of beneficiaries against the total labor force, the insured unemployment rate, fell by 8.8 per cent to 1.1 per cent.

The Labor Department made a change to its methodology that used seasonal adjustments to take into account common disruptions in the job market that are no longer applicable to virus-related conditions.

The total number of strangers running below the continuously adjusted numbers during the epidemic was 3,833,352 last week, which was about 1,000,000 compared to the previous week.

At the state level, Florida had the biggest drop of the week at 12,312, while California showed the biggest gain at 39,958.

The number of claims comes a day before the August Gust closely watched nonform payrolls report. Economists expect another 1.32 million jobs to be created and the unemployment rate to fall to 9.8% from 10.2%.

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