Job Market Still Healthy

- Initial Jobless Claims for last week fell to 278K versus 300K the prior week.
- Continuing Claims rose to 2495K versus a downwardly revised 2454K prior.

BOTTOM LINE: The number of Americans filing first-time claims for unemployment benefits unexpectedly fell last week, a further sign the labor market is gaining strength, Bloomberg said. The four-week moving-average of claims fell to 281,750 from 283,250 the prior week. Moreover, the four-week moving-average of continuing claims fell to the lowest in five years. I continue to believe the labor market will remain healthy over the intermediate-term without generating significant unit labor cost increases.