Initial Jobless Claims rise 11K to 315,000

Jobless claims remain at low levels but are edging slightly higher. Initial claims rose 11,000 in the September 6 week to 315,000, pulling up the 4-week average slightly to a 304,000 level that is 8,000 above the month-ago comparison.

Data for continuing claims, which lag by a week, show a 9,000 rise in the August 30 week to 2.487 million. But here, the 4-week average is trending slightly lower, down 15,000 in the week to a 2.499 million level that is a new recovery low and 20,000 below the month-ago comparison. The unemployment rate for insured workers continues to hold at 1.9 percent.

There are no special factors in today's report, one that won't have much effect on the outlook for the jobs market. Next week, however, may be a different story, as the sample week for initial claims will cover the sample week for the September employment report.

Prior to the report, market consensus was: 

 
Initial jobless claims are steady at low levels, up 4,000 in the August 30 week to 302,000. The 4-week average was up 3,000 to 302,750. Continuing claims, which lag by a week, did show improvement, down 64,000 in the August 23 week to a new recovery low of 2.464 million. The 4-week average was down 14,000 to 2.511 million, which is also a recovery low.