The data from the most recent Unemployment Insurance Weekly Claims Report are not particularly bullish. Claims are up for the second week in a row, dragging the 4-week average up with them. Year over-year comparisons continue to drop, but the two week increase is certainly a sign that employment is very much a weak link in the recovery story. And an average of 570,000 initial claims is enormous. Continuing claims were flat.
Notice that actual claims fell by more than 28,000 (highlighted in red with average claims), marking the third week below 500,000 for actual unadjusted claims. The true pattern for claims data will be more readily apparent after Labor Day when the seasonal adjustments will be moving in the other direction.
Unemployment Insurance Weekly Claims Report – US Department of Labor