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CHART OF THE DAY: Mixed picture for initial jobless claims in week ended Aug. 29

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The number of initial jobless claims fell in the week ended Aug. 29 to a seasonally adjusted 881,000 from 1.01 million in the prior week. But data from the Labor Department, which announced changes to its methodology on Thursday to factor out pandemic distortions, doesn’t tell the whole picture. Despite the week-over-week decline in claims, the number of people seeking relief from other programs, including a government-sponsored pandemic relief program, were up.

The mixed picture around labor underscores the complexities inherent in an economy suffering from pandemic-induced impacts. United Airlines said Thursday it was cutting more than 16,000 jobs, roughly a quarter of its workforce, amid the steep decline in air travel, just one marker of uncertainty in the broader market.

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About Kevin Depew

@KevinDepew

As RSM’s deputy chief economist and industry eminence program leader, Kevin provides RSM’s clients with macroeconomic and industry perspectives and insights they need to successfully manage their middle market businesses. He helps produce two unique reports—The Real Economy and the RSM US Middle Market Business Index—which offer insights into the trends and attitudes relevant to the middle market.

In addition to working with external clients and presenting the middle market economic perspective on webinars and at industry events, Kevin leads the firm’s industry eminence program. The program enables senior analysts across key client industries to forecast industry trends, including how artificial intelligence, machine learning and data will reshape business in the short- and longer term.

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