Jobless Claims: Only Slight Uptick In Week Following Holiday

Bottom Line: Initial claims climbed only slightly in the week following the Labor Day shortened week. State-level data showed minimal impact from hurricane preparations on the East Coast. The 4-week average is at 212k, still below the 13-week average that is now 215k, indicating the labor market trends are still improving. Jobless Claims ROSE by 2k during the week ended September 14th, 208k, compared with market expectations for an increase to 215k.The 4-week average FELL by 0.8k to 212k and the 13 week average FELL by 0.7k to 215k. Continuing Claims FELL by 13k during the week ended September 7th to 1,661k, after the prior week was revised slightly lower from 1,676k to 1,674k.The 4-week average FELL by 4k to 1,678k. On a non-seasonally adjusted basis, Continuing Claims FELL by 14k to 1,462k during the week ended August 31st. The Insured Jobless Rate STAYED at 1.2% during the week ended September 7th. The insured jobless rate only reflects the number of people collecting regular state unemployment insurance.