Initial Jobless Claims Rise 12K, Still At Historic Lows

Initial jobless claims moved up but are still in their range and historically at rock bottom levels. Initial claims rose 12,000 in the August 29 week to 282,000 which is above the Econoday high estimate and is the highest reading since early July. The 4-week average, up 3,250 to 275,500, is at its highest level since the middle of July and is trending more than 5,000 above the month-ago comparison. Continuing claims, where data lag by a week, fell 9,000 in the August 22 week to 2.257 million. The 4-week average is 1,000 lower at 2.264 million which is about 25,000 higher than the month-ago comparison. The unemployment rate for insured workers remains at a very low 1.7 percent. There are no special factors in today's report, one that supports concerns, at least to a degree, over the economic impact of market volatility. Today's report, though outside the mid-month sample period of the August employment report, will not raise expectations for strength in tomorrow's data.

Recent History Of This Indicator: Initial jobless claims have been very low this year, pointing to very thin layoff activity. Claims are expected to hold near recent levels, at 273,000 in the August 29 week.