Today's initial claims number registered at 473k, a decline of 21k from last week's level (which was itself revised upwards by 4k) and well below both the four week moving average of 487K and consensus forecasts. Although claims and continuing benefits both contracted for the week of the 14th, the number of claimants under all emergency extensions for the week ending August 7th expanded by 200k to 4.9 million. In context, the total receiving benefit extensions is now back over 3% of the civilian work force and at the highest level since April.
from The Macro Report August 26, 2010
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