Initial Claims Show Large Drop to 391K, Lowest Level Since April
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Initial jobless claims came in notably lower than expectations Thursday, a somewhat relieving signal for a U.S. economy which has been pummeled by a plethora of negative data points recently.
Applications for first-time jobless benefits fell 37,000 to 391,000 for the week ended September 24th, the fewest claims since April of this year. The data was released by the U.S. Department of Labor earlier.
The prior week reading was revised higher from an initial 423,000 to 428,000.
Economists were forecasting jobless claims of 420,000.
Americans continuing to claim benefits fell 20,000 to 3.73 million for the week ended September 17th. Looking back further, data suggested Americans making emergency claims rose 75,550 to 3.58 million for the week ended September 10th.
Economists had been looking for a continuing claims figure around 3.73 million.
The numbers signal a slowdown in firings as job growth is either firming or accelerating.
Next Friday, October 7th, nonfarm payroll numbers for September will be released. Bloomberg sees 56,000 net positions being added, with the unemployment rate holding at 9.1 percent. Payrolls in the private sector are expected to rise 100,000 jobs, while payrolls in the manufacturing segment will likely fall 5,000.
Applications for first-time jobless benefits fell 37,000 to 391,000 for the week ended September 24th, the fewest claims since April of this year. The data was released by the U.S. Department of Labor earlier.
The prior week reading was revised higher from an initial 423,000 to 428,000.
Economists were forecasting jobless claims of 420,000.
Americans continuing to claim benefits fell 20,000 to 3.73 million for the week ended September 17th. Looking back further, data suggested Americans making emergency claims rose 75,550 to 3.58 million for the week ended September 10th.
Economists had been looking for a continuing claims figure around 3.73 million.
The numbers signal a slowdown in firings as job growth is either firming or accelerating.
Next Friday, October 7th, nonfarm payroll numbers for September will be released. Bloomberg sees 56,000 net positions being added, with the unemployment rate holding at 9.1 percent. Payrolls in the private sector are expected to rise 100,000 jobs, while payrolls in the manufacturing segment will likely fall 5,000.
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