US initial jobless claims 259K vs 302K estimate

Technical Analysis

Author: Greg Michalowski | us-initial-jobless-claims

Continuing claims 1980K vs 1975K estimate

The US initial jobless claims came in at 259K vs 302K estimate.  

  • Prior week was revised lower to 282K vs 284K
  • Continuing claims came in at 1980K vs 1975K estimate
  • The prior week was revised to 1936K vs 1944K estimate
  • The 4 week average of jobless claims rose to 268.75 from 262.75
  • The US labor department says hurricanes Harvey and Irma are having an impact on the data
  • The highest insured unemployment rates in the week ending September 2 were in Puerto Rico (2.7), New Jersey (2.6), Alaska (2.0), Connecticut (2.0), Pennsylvania (1.9), California (1.8), Massachusetts (1.7), New York (1.7), Illinois (1.6), Nevada (1.6), and Rhode Island (1.6).  
  • The largest increases in initial claims for the week ending September 9 were in Iowa (+534), Nebraska (+64), Tennessee (+30), Wyoming (+23), and Washington (+22), while the largest decreases were in Texas (-11,764), California (-7,375), Michigan (-4,483), New York (-2,938), and Florida (-2,289). 
The data is better but with the hurricane effects it is hard to get excited about the beat.