It's Thursday, and so time for the weekly unemployment report. We have initial claims rising slightly and continuing claims falling slightly, along with a side dish of increased inflation and higher gas prices.
The number of Americans applying for unemployment benefits rose last week but layoffs remain in the historically healthy range of the past few years.
U.S. filings for jobless aid in the week ending July 25 rose by 9,000 to 197,000, the Labor Department reported Thursday. The previous week’s figure was revised up by 1,000 to 188,000 but remains the lowest in more than 50 years.
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Following a 6.6% rise a day earlier, the price for a barrel of U.S. crude fell slightly more than 1% Thursday to $83.36 a barrel. Gas prices in the U.S. are also back up above $4 a gallon on average. Besides squeezing consumers’ budgets, it also hits businesses hard, especially those which are heavily dependent on fuel.
Also Thursday, the Federal Reserve’s preferred inflation metric, PCE, came in at 3.7%, still well above its 2% target. On top of that, the government reported Thursday that the U.S. economy grew at an unexpectedly sluggish 1.5% pace in the April-June quarter.
………The Labor Department’s report Thursday also showed that the four-week moving average of weekly jobless claims, which softens some of the weekly volatility, fell by 5,000 to 202,750.
The total number of Americans filing for unemployment benefits for the previous week ending July 18 was 1.78 million, a decline of 7,000 from the previous week.
Not a clue as to what the f%$# is going on here.








