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Initial jobless claims decreased by 5,000 for the week ending July 23 to 256,000 (consensus 253,000). The prior week’s number was revised up to 261,000 from 251,000. Continuing claims for the week ending July 16 decreased by 25,000 to 1.359 million.
The key takeaway from the report is that it connotes some softening in the labor market, although nothing to an extent that would support a recession argument vis-a-vis the current state of the labor market.
US Initial Jobless Claims Better than expected
Aug 13: 250K (est 264K; prev 262K; prevR 252K)
US Continuing Claims Aug 6: 1437K (est 1450K; prev 1428K; prevR 1430K)Initial claims for the week ending August 27 decreased by 5,000 to 232,000 (consensus 250,000) while continuing jobless claims for the week ending August 20 increased by 26,000 to 1.438 million. There were downward revisions for initial claims and continuing claims in the prior week.
The key takeaway from the report is that the low level of initial claims is indicative of a tight labor market that continues to run afoul of the Fed’s effort to induce softer labor market conditions.
The four-week moving average for initial claims decreased by 4,000 to 241,500.
The four-week moving average for continuing claims increased by 4,500 to 1,428,500.The total number of continued weeks claimed for benefits in all programs for the week ending August 13 was 1,438,128, a decrease of 10,407 from the previous week. In the same week a year ago, there were 12,186,219 weekly claims filed for benefits in all programs.
US Nonfarm Payrolls in August rose 315,000 (consensus 300,000) after the prior revised increase of 526,000 (from 528,000). Nonfarm Private Payrolls ro
[See the full post at: US Payrolls Add Solid 315k in August as Jobless Rate Rose to 3.7%.]
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