Weekly Unemployment Claims Remain Elevated

The U.S. Labor Department reported 884,000 first-time filings for unemployment claims, unchanged from the previous week's revised level. For the week ending August 29, the advance seasonally adjusted insured unemployment rate was 9.2%, an increase of 0.1 percentage point from the unrevised rate the week before. Continuing claims from those filing for at least two weeks rose from the week prior, reaching 13.385 million. That is an increase of 93,000 from last week's report and an indicator that job improvement through the summer may be tailing off as fall begins.

For the week ending September 5, the 4-week moving average was 970,750, a decrease of 21,750 from the previous week's revised average. Claims under the Pandemic Unemployment Assistance Program continued to rise, increasing more than...

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