Initial jobless claims fell last week to 275,000, right in line with expectations.
The four-week moving average increased 500 to 275,750, and the prior week’s print was revised down by 1,000 to 281,000.
The Department of Labor reported no special factors influencing this week’s data.
This was the last major data release on the labor market before the Federal Reserve’s interest rate decision next week. Following the jobs report on Friday, which showed a lower-than-expected gain in payrolls and a drop in the unemployment rate, we learned yesterday that job openings surged to a record high in July.
“In one line: No change in the trend; still signalling rapid job gains,” wrote Pantheon Macroeconomics’ Ian Shepherdson in a client note.
- Pantheon Macroeconomics