Initial jobless claims Stay below 200,000
The weekly US initial jobless claims in continuing claims for the current week shows:
- initial jobless claims 190K versus 195K estimate. Prior week 192K. Seventh week below 200,000
- 4-week moving average of initial jobless claims 193K versus 191.25K previously
- continuing claims 1.655M versus 1.665 million estimate. Prior week revised to 1.660M versus 1.654M previously reported
- 4 week moving average of continuing claims 1671.5M vs 1670.25M previously.
Like a broken record, the employment situation remains a potential inflationary issue as it continues to show strength. Today, not only did the initial claims move lower but the unit labor costs are much stronger than expectations and productivity was revised sharply lower. It is for 4Q but claims are for the NOW, and they continue to show strength.
The USD has moved higher on the news.