First Time Jobless Claims Slip 1K

Historically low levels of layoffs continue to underscore the strength of the U.S. labor market. Initial claims slipped 1,000 in the August 20 week to 261,000 with the 4-week average down 1,250 to 264,000. Continuing claims in lagging data for the August 13 week are down a sizable 30,000 to 2.145 million with this 4-week average unchanged at 2.155 million. The unemployment rate for insured workers, at 1.6 percent, is only 1 tenth off its all-time low.

Claims levels in this report, both initial and continuing, are only marginally above where they were in July, a month that produced a 255,000 rise in nonfarm payrolls. There are no special factors in today's report, one that should firm expectations for solid strength in next week's employment report for August.

Recent History Of This Indicator:
Initial jobless claims are expected to hold steady in the August 20 week, at a consensus 265,000 vs 262,000 in the prior week and in line with the 4-week average of 265,250. Readings throughout this report have been consistently low and pointing to low levels of layoffs and healthy conditions in the labor market.