First Time Jobless Claims Dip By 8K

Declines to even more favorable levels are the results of the latest jobless claims report, led by a better-than-expected 8,000 dip in new claims to a lower-than-expected 209,000 in the August 3 week. The 4-week average of 212,250 is roughly 5,000 lower than early July which hints at increasing strength in labor demand. Continuing claims fell 15,000 to 1.684 million in lagging date for the July 27 week with this 4-week average down 11,000 to 1.687 million and also trending lower. The unemployment rate for insured workers is unchanged at 1.2 percent. The current state of the labor market, which is strong, isn't why the Federal Reserve cut rates last week.