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Jobless Claims Pop Higher But Still Historically Low

US DATA
  • Initial jobless claims see a larger than expected increase to 219k (cons 204k) from 190k (initial 193k) in a pick-up off most recent lows.
  • That still leaves them historically low though, in line with the 2019 average and with the 4wk average tracking lower at 207k, coincidentally where actual claims were during the payrolls reference week for September.
  • The prior downtrend has been regularly cited by analysts for still expecting solid payrolls growth at tomorrow’s report, with consensus for a 260k increase after 315k in August.

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