Jobless Claims: Rise less than expected
September 15, 2016
Bottom Line: Initial claims climbed slightly, less than expectations for a larger rebound. The 4-week average is at 261k, in-line with the 13-week average, indicating the labor market improvement has lost momentum -- but the level of claims remains low.
Jobless Claims ROSE by 1k during the week ended September 10th to 260k, compared with market expectations for an increase to 265k. The 4-week average FELL by 1k to 261k and the 13 week average FELL by 1k to 261k.
Initial claims have been on a declining trend over the past 6 years but the pace of decline has now slowed. Continuing Claims ROSE by 1k during the week ended September 3rd to 2,143k, after the prior week was revised slightly lower from 2,159k to 2,142k. The 4-week average FELL by 8k to 2,147k. Despite this week's increase, continuing claims have also been on a declining trend for more than 6 years.
On a non-seasonally adjusted basis, Continuing Claims FELL by 111k to 1,863k during the week ended August 27th. The Insured Jobless Rate STAYED at 1.6% during the week ended September 3rd. The insured jobless rate only reflects the number of people collecting regular state unemployment insurance.
Article by Contingent Macro Advisors