Jobless Claims Lower

- Initial Jobless Claims for last week fell to 328K versus estimates of 330K and 338K the prior week.
- Continuing Claims fell to 2526K versus estimates of 2564K and 2624K prior.

BOTTOM LINE: The number of Americans filing first-time claims for state unemployment benefits declined last week, Bloomberg reported. The four-week moving average rose to 339,000 versus 335,250 the prior week. The unemployment rate among those eligible for benefits, with tracks the US unemployment rate fell to 1.9% versus 2.0% the prior week. I expect tomorrow’s non-farm payroll report to come in below estimates and the unemployment rate to tick higher. However, over the intermediate-term I expect the labor market to remain healthy as companies gain confidence in the sustainability of the current expansion and technology, healthcare and financial firms expand.