For all practical purpose, flat.
Jobless claims in the week ended Aug. 24 dropped 6,000 to 331,000 from a revised 337,000 the week before that was higher than initially reported, the Labor Department said today in Washington. The median forecast of 50 economists surveyed by Bloomberg called for a drop to 332,000.
The number of people continuing to receive jobless benefits dropped by 14,000 to 2.99 million in the week ended Aug. 17. The continuing claims figure does not include the number of Americans receiving extended benefits under federal programs.
The four-week moving average, a less-volatile measure than the weekly figures, rose to 331,250 last week from 330,500 the previous week.
Bloomberg’s “experts” were pretty close.
As my old boss used to say, “Even a blind pig finds an acorn once in a while.”