On Thursday, the Labor Department reported that 870,000 Americans filed for first-time jobless benefits for the week ending Sept. 19, up from a revised 860,000 claims the week earlier. Economists polled by FactSet had been expecting claims of 850,000.
The number marks the fourth consecutive week of claims below 1 million since the pandemic shut down the U.S. economy in late March, but analysts noted this was mostly due to a change in the way the Labor Department makes its seasonal adjustments, which applied for the first time to the last jobless claims report for August.
The Labor Department said that continuing claims--the number of people not just filing for the first time, but staying on unemployment benefits--came in at 12.58 million, which was revised downward from 12.7 million.
So, what will consumer spending look like if there's no stimulus to buoy unemployed Americans?
Amplify ETF's CEO Christian Magoon joined TheStreet to discuss what the state of retail will look like this pandemic holiday season.
Magoon said watching consumer spending will be critical heading into the holidays as the U.S. is "powered by the consumer." Catch his full take on the consumer, stimulus and what's leaving him concerned in the video above.
You can follow Katherine Ross on Twitter at @byKatherineRoss.
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