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No Sign Of Labor Market Cooling In Claims

  • Initial claims were slightly stronger than expected in the week to Sep 17 (covering the household survey/payrolls reference period) as they held at 213k vs cons. 217k.
  • It further consolidates the move lower from the July peak of 261k and holds below the 2019av of 218k, continuing to show no sign of labor market cooling after a two tenth rise in the u/e rate in August following a bounce in participation.

Initial claims (white, 4wk av yellow) and u/e rate (green)Source: Bloomberg

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