US initial jobless claims and continuing claims for the current week
- prior week 351K (no revision)
- initial jobless claims 362K versus 333K estimate
- 4-week moving average 340K versus 335.75K last week
- continuing claims 2.802M vs 2.800M estimate
- 4-week moving average of continuing claims 2.797M vs 2.798M last week
- The largest increases in initial claims for the week ending September 18 were in California (+17,218), Virginia (+12,140), Ohio (+4,147), Oregon (+3,413), and Maryland (+2,452),
- The largest decreases were in Louisiana (-6,935), New York (-2,275), Missouri (-1,568), Oklahoma (-1,264), and New Mexico (-1,055).
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The claims data shows the second consecutive surprise move back to the upside. Last week the expectations was for 320K (was 335K the week prior) but rose to 351K. This week, the data shows another rise. Nevertheless, the Fed chair has said that we don't need blockbuster jobs report to continue the track toward taper by the end of the year.
