Initial unemployment claims were far below..>

US DATA: Initial unemployment claims were far below expectations in 

the Sep 1 wk, -10k to 203k vs 210k expected. Claims were unrevised at 

213k in the Aug 25 wk. The current week's level is the lowest since 

the Dec 6, 1969 wk (202k).

- The 4-wk moving avg -2,750 to 209,500 in the Sep 1 wk, the lowest 

since the Dec 6, 1969 wk (204,500). The avg would fall further next week 

if the headline figure does not change as the 212k level in the Aug 11 

wk rolls out.                                     

- NSA claims -3,390 to 172,355 in the current wk, compared with the    

4,687 increase that seasonal factors expected in the week. The current 

wk's level is well below the year ago level of 250,627, but that 

comparison is severely taineted by the hurricane impact a year ago.

- Claims were estimated for California, Hawaii, Kansas, Maine, Puerto 

Rico, and Virginia. The large number of estimates is likely due to the 

shorter reporting period due to the Labor Day holiday.                                     

- Continuing claims -3k to 1.707m in the Aug 25 wk. The 4-wk avg -13,250 

to 1.719m, the lowest since the Dec 8, 1973 wk (1.716).