For all practical purposes, status quo ante.
Jobless claims were little changed at 374,000 in the week ended Aug. 25, matching the upwardly revised figure from the prior week, the Labor Department reported today in Washington. The median forecast of 50 economists surveyed by Bloomberg News called for 370,000. The four-week moving average, a less volatile measure, climbed to a six-week high.
Today’s report showed the number of people continuing to receive jobless benefits declined by 5,000 in the week ended Aug. 18 to 3.32 million.
The continuing claims figure does not include the number of Americans receiving extended benefits under federal programs.
Bloomberg’s “experts” were closer than usual to hitting their number.
Which reminds me of the classic definition of an “expert”:
- “X” is the mathematical symbol for an unknown quantity.
- A “spurt” is a drip under pressure.
- Thus an expert is an unknown drip under pressure.