MNI: 5 Things We Learned From The Claims, Productivity Data>

By Kevin Kastner, Holly Stokes and Sara Haire

     WASHINGTON (MNI) - The following are the key points from the 

unemployment insurance weekly claims data for the October 28 week from 

the Labor Department and the preliminary third quarter productivity 

report from BLS, both released Thursday: 

     - Initial jobless claims fell by 5,000 to 229,000, compared with 

expectations for a 235,000 level. At the same time, the four-week moving 

average fell 7,250 to 232,500 as the 258,000 level from the September 30 

week fell out of the equation, the lowest average level since the April 

7, 1973 week and confirming claims are back on their pre-hurricane 

track. 

     - Continuing claims fell 15,000 to 1.884 million in the October 21 

week, hitting the lowest level since the December 29, 1973 week. 

     - Unadjusted claims in Puerto Rico jumped 2,682 to 6,129 (+77.8%), 

as backlogged claims are starting to be processed.     

     - Third quarter nonfarm productivity rose 3.0% (strongest since 3Q 

2014), slightly ahead of the 2.9% gain expected, while unit labor costs 

were up 0.5% rather than the 0.6% rise expected. In addition, the 

revisions to the second quarter were very modest, so no large surprises 

from this report. 

     - The year/year pace of productivity growth accelerated modestly to 

1.5% (strongest since 2Q 2015) in the third quarter from 1.3% in the 

second quarter, while unit labor costs now stand 0.1% lower than they 

were a year ago, only slightly better than the 0.2% year/year decline in 

the second quarter. 

     ** MNI Washington Bureau: 202-371-2121 ** 

[TOPICS: MAUDS$,M$U$$$,MAUDR$]