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U.S. Initial Jobless Claims Fell to 1.300 Million Last Week

Economic IndicatorsJul 16, 2020 08:36AM ET
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© Reuters.

By Geoffrey Smith 

Investing.com -- The improvement in the U.S. labor market since April appeared to be petering out Thursday, after fresh data showed the number of people making initial claims for unemployment benefits in the U.S. was almost unchanged last week at 1.300 million. 

Labor Department data released on Thursday showed that was only a 10,000 decline from a revised figure of 1.310 million for the previous week. Analysts had expected the number to fall by much more to 1.25 million.

The number of continuing claims, which are reported with a one-week lag to initial claims, fell more sharply than expected to 17.338 million. The previous week's figure was also revised downwards to 17.600 million. The decline in continuing claims is, however, linked not just to the number of people finding new jobs, but those dropping out of the workforce by stopping their search for work.

More positively, the Commerce Department said that U.S. retail sales rose by 7.5% in June, down from May's record jump (which was revised up to 18.2%) but still more than the 5.0% expected.  Core retail sales, which exclude automobiles, rose 7.3%.

 

U.S. Initial Jobless Claims Fell to 1.300 Million Last Week
 

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Comments (20)
Clinton Ronnenberg
Clinton Ronnenberg Jul 16, 2020 1:50PM ET
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Continuing to trend in the right direction, then. Geoff Smith = Debbie Downer
Bulls MakeMore
Bulls MakeMore Jul 16, 2020 12:22PM ET
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This is an ugly day to ignore the market, and do nothing...or if you're a long-term investor with too much cash, but the ETFs that are down the most, because today that's all the best stuff. Big sale today on great products.
David David
David9 Jul 16, 2020 11:58AM ET
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How do we.know this that data is not fudge? The reality doesn't match up with the data.
Franco Dominguez
Franco Dominguez Jul 16, 2020 9:59AM ET
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retail sales roses. now, usa cares about china?. come on
Carol Baskin
Carol Baskin Jul 16, 2020 9:59AM ET
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Retail sales rose from what? $0? lol
Aeron Geronimo
Aeron Geronimo Jul 16, 2020 9:28AM ET
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time to buy the dip. we all know market will rise before NYC closing. Dont be s2pid shorters
Strela Fxxx
Strela Fxxx Jul 16, 2020 9:21AM ET
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Good data Usa economy!
Bulls MakeMore
Bulls MakeMore Jul 16, 2020 9:18AM ET
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3 huge factors: massive fed liquidity, TINA, and optimism over science (operation warp speed). That and the fact that the stock market looks 6-12 months out, and the uptrend makes complete sense.
Jeremy Williams
Jeremy Williams Jul 16, 2020 9:18AM ET
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Lets just assume your right but this will last way longer than 6-12 months.
Ernie Keebler
Ernie Keebler Jul 16, 2020 9:18AM ET
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You are dreaming if you think the market looks months ahead, it is driven by greed and algorithms that digest the past and present.
Chris Poulos
Chris Poulos Jul 16, 2020 9:15AM ET
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50% correction coming. people out of work dont pay rent, mortgage. the government currently is including extra 600 a month with unemployment benefits ... this will end soon, along with ban on evictions & foreclosures. unemployment is going to get worse  ... did you not hear american airlines is furloughing 25,000 workers? many other companies will follow or fail entirely ... the risk is definitely to the downside. be careful out there ..
Jozef Drozd
Jozef Drozd Jul 16, 2020 9:09AM ET
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Stop that corona civid sh.... hoax ! All numbers are fake !
Jozef Drozd
Jozef Drozd Jul 16, 2020 9:09AM ET
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https://www.washingtonexaminer.com/news/investigation-shows-errors-in-florida-virus-positivity-report-hospitals-say-actual-rate-much-lower
Ashok Major
Ashok Major Jul 16, 2020 9:09AM ET
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Maybe unemployment numbers are fake too!Its easy to check,go to your nearest hospitals and ask about patients there and whether there are any spare beds! Hospitals running out of beds,and u think its fake!
Jozef Drozd
Jozef Drozd Jul 16, 2020 9:09AM ET
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Ashok Major it is almost empty .Read the article above and then comment .
samsideen sulaimon
samsideen sulaimon Jul 16, 2020 9:05AM ET
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lol
Bilbo Biggun
Bilbo Biggun Jul 16, 2020 9:00AM ET
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unemployment continues to increase. Food shortages growing. Mortgage and rental delinquency coming to a head. Banruptcies mounting.... market keeps rising. Bizarro
Show previous replies (2)
Bruce Wayne
Bruce Wayne Jul 16, 2020 9:00AM ET
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I agree, they need to comprehend the banks mafia manipulate it all.
John Doe
John Doe Jul 16, 2020 9:00AM ET
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Bulls MakeMore  oh trust me we know what corruption and a ponzi scheme looks like. The stock market has become nothing more than a money laundering scheme where billionaires (corporate class) pay millionaires (pundits and politicians) to legally siphon tax money into their bank accounts.
Bilbo Biggun
Bilbo Biggun Jul 16, 2020 9:00AM ET
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Bulls MakeMore  Markets work like this: The real economony goes down the drown while the banks print money to save billionaires while Joe Retail buys into a bear rally and gets left holding the bag.
Anand Krishnan
Anand Krishnan Jul 16, 2020 9:00AM ET
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for now the fed keeps propping things up. Ironically the lack of spending is causing inflation to be low and that gives the fed more weapons to keep asset prices high by buying debt. The real problem will occur when things go back to normal spending wise because with more money in circulation, inflation goes up. That will reduce the ability of the fed to prop up the market.
Price Man
Price Man Jul 16, 2020 9:00AM ET
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I mean some guys on wall street basically tricked the middle class into propping the wealthy up with their retirements
Pratt Man
Pratt Man Jul 16, 2020 8:56AM ET
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buy everything and anything you can get your hands on. there is no recession.
Bulls MakeMore
Bulls MakeMore Jul 16, 2020 8:56AM ET
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There is a recession but it's ending soon, and the stock market operates 6-12 months in the future when there will be a vaccine and this 2020 recession and pandemic will be history
Malcolm Glennie
Malcolm Glennie Jul 16, 2020 8:56AM ET
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lol
Peter BullMarket
Peter BullMarket Jul 16, 2020 8:56AM ET
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I will sit aside holding some gold bars waiting for another 20-30% market crash. Then, I will play just like I did from March to June
Obinna Izugbokwe
Obinna Izugbokwe Jul 16, 2020 8:56AM ET
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We are on the same page
thedark crazycyborg
thedark crazycyborg Jul 16, 2020 8:53AM ET
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Its called a recession in simple words bruh
Anand Hardas
Anand Hardas Jul 16, 2020 8:49AM ET
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Buy all the dips.. this is a no brainer.. All US indices will close green at end of day.. don't short this market even by mistake!
Peter BullMarket
Peter BullMarket Jul 16, 2020 8:49AM ET
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The dips are very far away from current prices. Look at tesla and Nio prices, Nio is not even profitable and the stock has gone 1000% up
thedark crazycyborg
thedark crazycyborg Jul 16, 2020 8:49AM ET
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Ull be disappointed and plz dont mislead others. Use it to make losses urself
Edward Chong
Edward Chong Jul 16, 2020 8:49AM ET
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yeap. its a mkt that dont make sense. so it will be up all the way.
fufanuu jones
fufanuu jones Jul 16, 2020 8:49AM ET
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Peter BullMarket Tesla isn't exactly profitable either.
Kelly Mayer
Kelly Mayer Jul 16, 2020 8:44AM ET
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Volatility up high. Expect to end the day in the green
Raph Four
Raph Four Jul 16, 2020 8:43AM ET
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do we sell USD
Rahul Sethi
Rahul Sethi Jul 16, 2020 8:43AM ET
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Time for some more stimulus !! Keep it coming
Jeff Gordon
Jeff Gordon Jul 16, 2020 8:43AM ET
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more more more!!!
Lucke Black
Lucke Black Jul 16, 2020 8:43AM ET
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Do you know that corporations got big fat stimulus first and then Joe get leftovers?
Jesse Mulliniks
Jesse Mulliniks Jul 16, 2020 8:40AM ET
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Why are they trying to spin this like it is a good thing...? Over 1 million people every week losing jobs and this is seen as positive news?
The Big Fish
The Big Fish Jul 16, 2020 8:40AM ET
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it definitely is not bad news as much as some people would like to spin it
Hanna Christin
Hanna Christin Jul 16, 2020 8:40AM ET
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I don't think this is spinning anything tbh.....
Johnny Scarcity
Johnny Scarcity Jul 16, 2020 8:40AM ET
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Since Covid unemployment in the US is equivalent to the total population in all of Canada! 35+ Million!
David Vaughan
David Vaughan Jul 16, 2020 8:40AM ET
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Exactly. Falling by less than 1% isn't something to celebrate, especially when it's cumulative
Plopseven Schwartz
Plopseven Schwartz Jul 16, 2020 8:40AM ET
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Before CoVID I was sucessful and now I’m homeless, so yesh - it’s real bad.
GD SING
GD SING Jul 16, 2020 8:40AM ET
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Nasdaq 10150 Today
Matt Kay
Matt Kay Jul 16, 2020 8:40AM ET
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Nope, fake stonks only go up.
Edward Chong
Edward Chong Jul 16, 2020 8:40AM ET
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Haha u wish !
 
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