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Last Update: 18-Aug-11 09:46 ET
Initial Claims Move Higher, Remains Within "Recovery Zone"
After falling below 400,000 for the first time since April, the initial claims level increased modestly from 399,000 for the week ending August 6 to 408,000 for the week ending August 13. The Briefing.com Consensus expected the initial claims level to increase to 400,000.
Even after the increase, the initial claims level remained below the upper bound (410,000) of our "Recovery Zone" for the fourth consecutive week. At this level, payroll gains should exceed the 100,000 necessary to support normal labor force growth and maintain a stable unemployment rate.
The continuing claims level increased slightly from 3.698 million for the week ending July 30 to 3.702 mln for the week ending August 6, in-line with consensus expectations.
