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Initial Jobless Claims 1.006 Million; Second Reading of GDP -31.7%

Published 08/27/2020, 08:26 AM
Updated 08/27/2020, 08:36 AM
© Reuters

By Noreen Burke

Investing.com -- The number of Americans applying for initial unemployment benefits came in at 1.006 million last week, underlining concerns that the recovery in the labor market is stumbling.

Economists had forecast a decline to 1 million. The prior week's figure was revised slightly lower to 1.104 million from 1.106 million.

The number of continuing claims, which are reported with a one-week lag to initial claims, decreased to 14.535 million. The previous week's figure was also revised downwards to 14.785 million.

The number of people making an initial claim for Pandemic Unemployment Assistance fell by 1.04 million to 27.017 million in the week to August 8.

At the same time, a separate report showed that the contraction in second quarter U.S. GDP was revised up to -31.7% in annualized terms from a preliminary estimate of -32.9%

Latest comments

A 31% decrease in corruption !! Finally, some GOOD news !!
now short
Fire J Powell
What do you expect when you pay a worker as much or more to stay at home as he makes working. We have workers refusing work at our union hall. Unemployment is meant to be a temporary means. Contractors. cannot get workers.
Bad economic data means more layoffs, more jobless means lower CSI. This is Trump’s Depression now.
Is GBPUSD a buy??? You can just like for yes
Good economic news, and the Nasdaq are now inversely proportional.
Is GBPUSD a buy???? You can just like for yes
yeah
is it good time to by nasdaq?
Does the dollar stand a chance??
Green soon
positive for nasdaq
Time for cost cutting: even companies in no trouble can fire staff blaming covid. Long term benefit for balance sheets.
You can minus me but that is not going to change the truth.
these numbers have become useless...market will up unlimited
GDP -32%, another million people lost their jobs. Welcome the the mango world
and markets reached new highs yesterday... I mean who is buying this???
fomo is the driving factor
FOMO is the driving factor. I'll wait till this house of cards falls.
with this contradiction i lost my half of  money
run bulls run
😂😂
Great numbers! Expecting GDP to drop 32% and it dropped only 31%! Wow, the markets will go up witn any crapy news
🤣🤣🤣
🤣🤣🤣🧐🤣
No numbers can stop this melt up, Until the buyers are exhausted.
I think you mean short sellers
the buyers are the fed and they have infinite QE... so no exhaustion possible. go long or go long.
I am sure NASDAQ will move 200 points today
lol
Good 👏👏👏🇺🇸🇺🇸🇺🇸🎉🎉🎉
Priced in and gonna move index to the moon
Good
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