Jobless Claims Break Below One Million

Jobless Claims dipped below one million in last week’s report.  That marks the lowest claim number since mid-March, which is a span of 21 weeks.  This latest report showed that there were 963,000 jobless claims for the week of August 8th.  This was 228,000 less than the prior week’s reporting and certainly moving in the right direction.  Initial Jobless Claims measures the amount of people who file for unemployment for the first time.  Continuing Claims, which measures people who continue to report unemployment, decreased by 604,000 people, bringing the total number to 15.5 million. 

Another benefit that you might have heard of is called Pandemic Unemployment Assistance Claims (PUA).  This was created for those workers who might not be able to file for unemployment like contractors and gig workers.  PUA claims were 488,000 for the week of August 8th.  Total PUA claims improved by 2.2 million, dropping to 10.7 million people.

On the surface, this data does look really positive, and it certainly is moving in the right direction, but claims are still very high. As virus fears lesson and possible vaccines progress, these numbers will continue to improve. 

Call your Advisors Mortgage Loan Officer today to discuss the current market in more detail and to learn what you qualify for.