Initial jobless claims is in the middle of the extremes
  • Prior week 213K revised to 208K (lowest since the end of May)
  • initial jobless claims 213K vs estimate of 218K
  • 4 week moving average of initial jobless claims 216.75K vs 222.75K last week
  • continuing claims 1.379M vs. estimate of 1.400M
  • 4 week moving average of continuing claims 1.404M vs. 1.413M last week
  • The largest increases in initial claims for the week ending September 10 were in Indiana (+738), Arkansas (+217), Iowa (+149), North Dakota (+28), and Maine (+15),
  • The largest decreases were in California (-3,064), New York (-2,905), Texas (-2,493), Oklahoma (-1,729), and Pennsylvania (-1,355).

The initial claims data corresponds with the survey week for the BLS employment report scheduled for release in the 1st week of October. As such, it supports another good number. The job market remains tight. What that means for the Fed is that they will keep the pedal to the metal as they are concerned about a strong job market leading to increased inflation . The NASDAQ index has moved into the negative territory. The S&P is near unchanged. The NASDAQ index is trading down -20 points