Job Market Still Healthy

- Initial Jobless Claims fell to 332K versus estimates of 325K and 359K the prior week.
- Continuing Claims fell to 2509K versus estimates of 2519K and 2554K prior.

BOTTOM LINE: Fewer Americans applied for first-time state unemployment benefits last week, suggesting the labor market remains resilient, Bloomberg said. The rise the previous week was mostly related to winter storms in many areas. The four-week moving-average rose to 328,000 versus 326,750 the prior week. The unemployment rate among those eligible for benefits, which tracks the US unemployment rate, remained at 1.9%. 43% of the executives polled by the Washington-based Business Council said they are having trouble finding workers, up from 25% 12 months ago. I continue to believe the job market will remain healthy over the intermediate-term without generating substantial unit labor cost increases.