Initial Jobless Claims Above Expectations on Automaker Retooling and New Jersey Shutdown

- Initial Jobless Claims for last week rose to 332K versus estimates of 320K and 313K the prior week.
- Continuing Claims fell to 2429K versus estimates of 2430K and 2447K prior.

BOTTOM LINE: The number of US workers filing first-time applications for state jobless benefits rose last week because of temporary shutdowns at some auto factories and a partial closure of government services in New Jersey, Bloomberg said. The four-week moving average of jobless claims rose to 317,250 versus 308,500 the prior week. So are this year, the economy is on track to create 1.7 million new jobs. I continue to believe the labor market will remain relatively healthy over the intermediate-term even as economic growth slows to around average rates.