At the national level, initial jobless claims missed expectations slightly, and most unemployment figures continue to edge lower.
The National Initial Claims were reported at 584,000, up 25,000 from the previous week. However, the 4-week moving average has dropped for six straight weeks. The Colorado Jobless Claims dropped 1,194 to 4,738 for the week ending July 18, 2009.
On the Continuing Claims front, the National level reported 6,197,000 claims, which dropped 54,000 from the previous week. At the Colorado level, the 4-week moving average dropped 389 claims to 74,997. This represents the lowest level since April 18, 2009. While Continuing Claims is not a leading indicator, the number of claims need to continue to drop to see the economy start to grow again. The consumer represents a large portion of GDP and while job losses persist and new jobs are not found, consumers will continue to remain cautious.
When examining the individual states, 22 states saw a decrease of more than 1,000 Initial Jobless Claims. Only 3 states reported an increase of more than 1,000 claims. California saw the largest increase with an increase of 4,290 claims from the previous week. California reported the increase was due to more layoffs in the construction and trade industries. New York saw a huge drop. Initial Claims for New York dropped 22,052 from the previous week. They reported the cause was due to fewer layoffs in the service and transportation industries.
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