Jobless Claims hit 472,000

The number of U.S. workers filing new claims for jobless benefits edged down last week, but the high level of applications still suggests the job market recovery remains sluggish.

Initial unemployment claims fell by 6,000 to 472,000 in the week ended Aug. 28, the Labor Department said in its weekly report Thursday. New claims for the previous week, ended Aug. 21, were revised upward to 478,000 from 473,000.

I think this goes to show how the ADP report wasn’t a good reason for a rally yesterday.


About Aaron Basile
Market Technician, Equity/Commodity Trader, Austrian Economist, Contrarian Investor

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