Job Data Top Estimates

- Initial Jobless Claims for last week fell to 299K versus estimates of 305K and 304K the prior week.
- Continuing Claims fell to 2440K versus estimates of 2483K and 2462K prior.

BOTTOM LINE: First-time applications for unemployment insurance in the US unexpectedly dropped and the total number of people on benefit rolls fell to a five-year low, Bloomberg reported. The four-week moving average of claims dropped to 308,500 from 311,250 the prior week. The unemployment rate among people eligible for benefits, which tracks the US unemployment rate, remained at 1.9%. I continue to believe the job market will remain healthy over the intermediate-term without generating substantially unit labor cost increases. Tomorrow’s job report will likely exceed estimates.