Initial unemployment claims were below in...>

US DATA: Initial unemployment claims were below expectations in the 

Sep 15 employment survey wk, -3k to 201k vs 208k expected, hitting 

another 49-year low, though the impact of Hurricane Florence will likely 

push claims higher starting with next week's data. 

- Claims were at a level of 210k in the Aug 18 employment survey wk, so 

the month/month comparison is a positive for payrolls.

- The 4-wk moving avg -2,250 to 205,750 in the Sep 15 wk, below the 

213,750 level in Aug survey week and the lowest since 1969. The avg 

would fall further next week if there is no change to the headline 

figure, but the hurricane impact makes that unlikely.

- NSA claims +6,468 to 168,801 in the current wk, well below the 

212,313 level a year ago when the hurricane impacts were still shaking 

out. Comparisons should be less favorable in the coming week's when this 

year's storms roll into the data.

- Claims were estimated for Hawaii only.                                     

- Continuing claims -55k to 1.645m in the Sep 8 wk, while the 4-wk avg 

-20,750 to 1.692m, both the lowest since 1973.