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US DATA: Initial Jobless Claims 4-Week Average Lowest Since May

US DATA
  • Initial jobless claims 218k (sa, cons 223k) in the week to Sep 21 after an upward revised 222k (initial 219k).
  • The four-week moving average fell further to 225k (-3k) for its lowest since May 31 and now back close to the 218k averaged in 2019.  
  • There don’t appear to be any unusual standouts when looking by state behind the -6k decline in NSA initial claims.
  • Continuing claims 1834k (sa, cons 1828k) in the week to Sep 14 – covering a payrolls reference period for the September report – after a downward revised 1821k (initial 1829k).
  • Whilst continuing claims tick higher on the week, they still hold a reasonable pullback off recent highs of 1871k that had been the highest since Nov 2021. The 1834k also compares favorably with 1860k for the payrolls reference period for Aug and 1844k for July.
  • NSA continuing claims maintain their position at the high end of recent years (albeit not adjusting for population growth).

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