The week of July 17 wasn’t as sweet as July 10 for workers. The new weekly unemployment insurance claims were at 419,000 — an increase of 51,000 from the week prior, according to the Department of Labor.
This was the first time jobless claims were above 400,000 in four weeks.
What Happened: Although the rise was not pleasant, RSM Economist Joseph Brusuelas is not terribly concerned with the rise in claims.
Because the labor market is tight, it should be expected the increase is “just seasonal distortion around the traditional July 4 holiday,” he wrote on his blog.
He anticipates the rise will abate as the summer fades into fall.
Photo: Unsplash Photo by Clem Onojeghuo.
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