First Time Jobless Claims Up 1K

Jobless claims continue their remarkably stable run, at 217,000 in the August 31 week versus a revised 216,000 in the prior week. The 4-week average in recent weeks has held between 212,000 (July 27 week) and a recent high of 222,500 (June 29 week) and has not been over 230,000 since way back in January last year.

Continuing claims in lagging data for the August 24 week fell a sharp 39,000 with this 4-week average down 6,250 to 1.691 million. The unemployment rate for insured workers holds unchanged at only 1.2 percent.

Claims data have been consistently signaling solid gains for underlying payroll growth and underscoring the fundamental strength of the US labor market.