US DATA: Jobless Claims Broadly Track Sideways

Weekly jobless claims again ruled out a sharper labor market deterioration, especially with continuing claims holding a shift away from recent highs (albeit still relatively elevated on a NSA basis).

• Initial jobless claims 230k (sa, cons 227k) in the week to Sep 7 after a marginally upward revised 228k (initial 227k).
• The four-week moving average inched 1k higher to 231k having recently peaked at 241k in early Aug. It continues to compare favorably with the 234k the week before Hurricane Beryl.
• There don't look to be any particularly unusual moves in the largest states.
• Continuing claims were exactly as expected at 1850k (sa, cons 1850k) in the week to Aug 31 after an upward revised 1845k (initial 1838k).
• Continuing claims continue to maintain a pullback from a recent high of 1871k in late July that had marked the highest since Nov 2021.
• Non-seasonally adjusted continuing claims once again look in keeping with recent patterns, i.e. still sitting right at the top end of the years shortly before the pandemic but not pushing relatively higher.