The weekly unemployment claims came out today. Last week 1,006,000 people filed new claims for benefits and there were 14.5 million continuing claims. Media reports lament these results as bad because it is another chance to take a swipe at President Trump. Actually, these results are quite good. During the week one month ago, there were 1,430,000 new claims filed and 17 million continuing claims. That means there were roughly 3 million fewer people on unemployment last week than there were a month ago. While there's not a complete correlation between those unemployed and the number of jobs created due to people entering or leaving the labor force, it is likely that when we get the monthly employment report for August (coming out in 8 days), it will show something like creation of 3 million jobs. That's a truly great result. It's also a good indication that despite the "second wave" partial shutdowns, the economy continues to roar back.
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