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Jobless Claims: 7-week low

September 8, 2016
Bottom Line: Initial claims declined slightly more than expected and are at their lowest level in seven weeks. The 4-week average is at 261k, below the 13-week average that is now 262k, indicating the labor market trends are still improving - but that trend has lost momentum.

Jobless Claims FELL by 4k during the week ended September 3rd to 259k, compared with market expectations for an increase to 265k. The 4-week average FELL by 2k to 261k and the 13 week average was UNCHANGED at 262k. Initial claims have been on a declining trend over the past 6 years but the pace of decline has now slowed.

Continuing Claims FELL by 7k during the week ended August 27th to 2,144k, after the prior week was revised slightly lower from 2,159k to 2,151k. The 4-week average FELL by 4k to 2,154k. continuing claims have also been on a declining trend for more than 6 years. On a non-seasonally adjusted basis, Continuing Claims FELL by 41k to 1,975k during the week ended August 20th.

The Insured Jobless Rate STAYED at 1.6% during the week ended August 27th. The insured jobless rate only reflects the number of people collecting regular state unemployment insurance.
Article by contingentmacro