How to make sense of the July jobs report & jobless claims data

US initial jobless claims for the week ending on August 3 came to 233,000, a 17,000 decrease compared to the prior week, according to the US Deptartment of Labor. US equities (^GSPC, ^DJI, ^IXIC) began to turn around to the positive on the data but what does this signal for investors, companies, and job seekers moving ahead?

Mizuho Securities US chief economist Steven Ricchiuto joins Wealth! to give insight into the data.

Ricchiuto explains what this data means for the economy: “What you’re seeing between the earnings numbers and the claims numbers are kind of explaining the dynamic in a labor market where you’re not firing workers, but you’re slowing the pace at which you’re hiring because you’re running into cost considerations. And this is an important point, because it tells you the economy is transited from an above trend growth trajectory back to a trend growth trajectory. And that’s a sustainable, long-term scenario.”

For more expert insight and the latest market action, click here to watch this full episode of Wealth!

This post was written by Nicholas Jacobino