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CHART OF THE DAY: Weekly initial jobless claims higher than expected

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In a sobering surprise, the Labor Department reported on Thursday that initial jobless claims for the week ended Aug. 15 reached a higher-than-expected 1.1 million, a sign the road to economic recovery will be bumpy and volatile as the country struggles to gain footing amid the COVID-19 pandemic.

The Bloomberg consensus forecast was for a continued decline from the prior week’s 963,000 new claims to 920,000 new claims. During the past 22 weeks, 57.4 million individuals have filed for initial jobless claims.

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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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