Job Market Still Healthy

- Initial Jobless Claims for last week rose to 294K versus estimates of 285K and 279K the prior week.
- Continuing Claims fell to 2486K versus estimates of 2450K and 2488K prior.

BOTTOM LINE: First-time claims for unemployment benefits rose last week, while total jobless rolls dropped to a five-year low, evidence of plentiful jobs that will keep consumers in a mood to spend, Bloomberg reported. The four-week moving average of initial claims rose to 287,250 versus 282,000 the prior week. The unemployment rate for those eligible for benefits, which tracks the unemployment rate, remained at 1.9%. I continue to believe the labor market will remain healthy without generating substantial unit labor costs increases.