Job Market Remains Healthy

BOTTOM LINE: First-time claims for unemployment benefits in the US rose last week while staying at a level that points to job growth, Bloomberg reported. The four-week moving-average of continuing claims fell to 2.43 million, the lowest in more than five years. The unemployment rate among those eligible for benefits, which tracks the US unemployment rate, held steady at 1.9%. I continue to believe the job market will remain healthy over the intermediate-term without generating substantial unit labor cost increases, which comprises two-thirds of inflation.