US Initial Claims still low but rise merits some attention
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Initial claims at 200k remain very low, though have risen to a 4-week high from last week’s 191k (revised from 189k, which matched the July 18 low). The survey week for November’s non-farm payroll comes next week.
The numbers are still consistent with a tight labor market though the increase will merit some attention if it continues further. Before seasonal adjustment the increase was significant, to 207k from 178k.
Continued claims cover the week before initial claims and are lower than expected at 1.697m from 1.717m, though do not quite erase a preceding rise from 1.695m. A low continued claims number corresponds with very low initial claims in the same week.