Moody’s Analytics chief economist Mark Zandi argues the current inflationary pressure is due to economies reopening, which caused a ‘surge in demand,’ with ‘the supply-side of the economy taking a bit longer’ to ‘kick into gear.’
The number of Americans filing for unemployment benefits fell last week as the expiration of supplemental benefits drew nearer.
The Labor Department said Thursday that 385,000 Americans filed for initial jobless benefits in the week ending July 31, below the prior week’s downwardly revised 399,000. Analysts surveyed by Refinitiv were expecting 384,000 filings.
Initial jobless claims “slipped below the benchmark 400,000 level for the first time since the pandemic began around Memorial Day and have essentially hovered there since,” said Mark Hamrick, senior economic analyst at Bankrate.
PRIVATE–SECTOR HIRING SLOWS SHARPLY IN JULY
Continuing claims,…
