American Unemployment Claims Carve New Pandemic-Low

Source: US Labor Department

US jobless claims fell to the lowest level since the COVID-19 pandemic hit, nearing the 330,000 level for the first time in over a year. DXY is down 0.01%, while Gold is down 0.07%.

• Seasonally adjusted initial claims for the week ending August 28 declined by 14,000 to 340,000. This is the lowest since March 14, 2020’s 256,000.
• The previous week’s level was hiked by 1,000 to 354,000.
• The four-week moving average fell 11,750 to 355,000, hitting the lowest level since March 14, 2020’s 225,500.
• The advanced insured unemployment rate for the week ending August 21 fell by 0.1 percentage point to 2.0%.
• Seasonally adjusted insured unemployment fell by 160,000 to 2.748 million from the previous week’s 2.908 million. This is the lowest since March 14, 2020’s 1.770 million.
• The largest gains in claims were recorded in Illinois, Florida, Maryland, Oregon, and New Jersey.
• The biggest drops were in Michigan, Virginia, Texas, Ohio, and Georgia.