Initial claims hit 249k, highest since last August; continuing claims at 1.877M, a new cycle high. Goldman Sachs is panicking!

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The latest report from the U.S. Department of Labor has sent a chill through economic circles, revealing a stark rise in initial jobless claims. For the week ending July 27, 2024, a staggering 249,000 individuals filed for unemployment benefits for the first time, a jump of 14,000 from the previous week. This alarming spike marks the highest level of initial claims since August 2023, igniting concerns of a deeper, underlying issue in the labor market.

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The situation is compounded by a troubling increase in continuing claims, which measure the number of people still receiving unemployment benefits after their initial claim. As of July 20, 2024, continuing claims surged to 1.877 million, an increase of 33,000. This is the highest level seen in the current economic cycle, signaling that a growing number of people are unable to find new employment after losing their jobs.

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Sources:
https://abcnews.go.com/Business/wireStory/number-americans-filing-jobless-claims-hits-highest-level-112472385

https://www.cuinsight.com/jobless-claims-hit-highest-level-since-august/

https://finance.yahoo.com/news/jobless-claims-hit-highest-level-since-august-141051604.html