The Labor Department said initial jobless claims rose by 30,000 last week to 554,000. Economists had expected claims to have risen by 43,000. Continuing claims, which are filed by individuals on the unemployment roles for more than a week, fell by 88,000 to 6.2 million — the lowest level in three months
But the BS is the reason is not because of people are finding jobs but exhausting their State benefits as WSJ points out.
“The number of workers on jobless rolls is declining in an encouraging sign for the U.S. economy, although the decrease partly reflects people exhausting their state benefits.”
Don’t believe the hype.
