US jobless claims hit 4-month low

Initial claims for US unemployment benefits declined by 4,000 to 218,000 in the week ended Sept. 21, hitting their lowest level in about four months.

 

This came against forecasts for a slight rise to 223,000 in initial jobless claims, compared to the previous week’s reading, which was revised upwards by 3,000 to 222,000.

 

Likewise, the four-week moving average of initial claims, a better measure of labor market trends as it irons out weekly fluctuations, shed 3,500 to 224,750 applications, versus last week’s revised-upward average of 228,250.

 

The data indicate that companies refrains from cutting jobs—which is a positive sign for the economy—despite not hiring several new employees. However, it may take some time before employment rebounds and boosts the economy.

 

Weekly US Jobless Claims

Item

Last Year

Previous

Current

Change

Initial Claims (‘000)

213.0

222.0

218.0

(4)

Four-Week Average (‘000)

219.50

228.25

224.75

(3.5)

Total Beneficiaries (mln)

1.795

1.821

1.834

0.013

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