Unemployment claims at the state level declined to the 18 million mark but all claims jumped to over 34 million.

All continued claims rise for third week

Based on Pandemic Unemployment Assistance, admittedly lagging, there is little or no improvement in the number of unemployed.

My "All Continued Claims" chart is the sum of state claims, federal claims, and various pandemic unemployment assistance (PUA) claims. 

All claims lags continued claims by two weeks.

State continued claims

Based on trends in PUA claims any improvement may be a mirage.

Primary PUA claims

Initial state claims

Continued state claims lag initial claims by a week. There are new claims but also people find jobs.

The number of initial claims is down from the pandemic surge but is very elevated historically.

People must first file at the state level but some do not qualify. And some who did qualify exhausted state benefits and now need to apply for PUA.

Not a pretty picture

The trends suggest the unemployment picture is not improving much. Instead, people who qualified at the state level now need PUA assistance.

Add it up and there are 20 to 30 million people unemployed.

Fewer people pay their rent on time in July

That Fewer People Pay Their Rent on Time in July suggests more people are struggling.

United warns it may cut 36,000 employees

Factor in United Warns It May Cut 36,000 Employees. All the airlines are in the same boat. 

In general, state reopenings are in reverse and that will slow if not reverse some labor gains.

Trump claims to have saved 51 million jobs

If you are looking for a nonsensical claim, here you go Trump Claims to Have Saved 51 Million Jobs

This material is based upon information that Sitka Pacific Capital Management considers reliable and endeavors to keep current, Sitka Pacific Capital Management does not assure that this material is accurate, current or complete, and it should not be relied upon as such.

Analysis feed

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Analysis

Latest Forex Analysis

Editors’ Picks

EUR/USD loses 1.1800 amid escalaing US-Sino tensions

EUR/USD dips sub-18 after the US reported an increase of 1.763 million jobs in July, better than estimated but pointing to a deceleration. Escalating Sino-American tensions are boosting the dollar and fiscal talks are eyed. 


GBP/USD resumes decline, weighed by UK concerns, US-China conflict

GBP/USD trades at fresh weekly lows below 1.3050 as the dollar got a sudden boost from mounting tensions between the world's two largest economies. UK Chancellor Rishi Sunak said the furlough scheme that is underpinning the economy cannot last forever.


Gold: Meteoric rally falters, closes the week below $2050

Dollar comeback poured cold water on gold’s record-breaking rally. US-China woes, US stimulus deadlock and upbeat NFP boosted the USD. The focus stays on US-China trade talks amid light US docket next week.

Gold News

Bitcoin may extend the recovery once Gold resumes the rally

Gold retreated from the recent highs, but the sentiments are still bullish. Cryptocurrencies resumed the upside, some altcoins are demonstrating strong gains. ETH/BTC stopped the downside correction and settled at $0.03300.

Read more

WTI extends slide toward $41, on track to post weekly gains

Crude oil prices continued to fall on Friday and the barrel of West Texas Intermediate (WTI) touched a daily low of $41.05 before recovering modestly.

Oil News

Forex Majors