Initial jobless claims totaled 241k, about in line with the estimate of 240k and last week was revised up by 1k to 238k. As a 235k print drops out of the average, the 4 week average rose to 245k from 243k. Continuing claims, delayed by a week, rose by 8k.
The bottom line remains the same in that employers are keeping a hold on their employees in light of a shrinking pool of labor choices. The $64k question remains whether it will take higher wages in order to hold on tighter.
4 WEEK AVERAGE INITIAL CLAIMS
Peter is the Chief Investment Officer at Bleakley Advisory Group and is a CNBC contributor.