- Initial Jobless Claims rose to 322K last week versus estimates of 320K and 324K the prior week.
- Continuing Claims rose to 2572K versus estimates of 2555K and 2556K prior.
BOTTOM LINE: First-time applications for jobless benefits fell last week, evidence that the US job market is still healthy, Bloomberg reported. The four-week moving-average of claims rose to 317,750 from 313,000. US business investment and strong economies overseas are supporting demand, thus keeping unemployment low. Claims are averaging 317,600 this year, little changed from last year’s average of 313,000. The unemployment rate among those eligible for benefits, which tracks the US unemployment rate, held steady at a historically low 1.9%. I expect the job market to remain healthy over the intermediate-term without generating substantial unit labor cost increases.
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