Rising Claims Suggest Moderation of Job Gains

It’s been another relatively light week for economic data. It’s not that there are fewer releases, but rather most of them have little meaning these days in the midst of the virus cloud, a contentious fall election, social unrest, massive wildfires and the inability of Congress to provide additional relief funds. This morning, both initial jobless claims and continuing claims unexpectedly rose from the previous week. Weekly first-time filings for unemployment benefits climbed from 881k to 884k for the week ending September 5, while continuing claims for state benefits rose from 13.3 million to 13.8 million for the week ending August 29.

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