Amazingly, initial jobless fell again to 193k which was 22k less than expected and down from 209k last week (revised from 213k). This brings the 4 week average to 207k from 216k and vs 223k in the week before. Also of note, continuing claims fell to 1.347mm, about 40k less than expected and down from 1.376mm in the week prior.
In the face of a growing number of anecdotes from companies who are limiting the pace of hiring’s and outright trimming staff, there is enough demand for labor elsewhere along with companies that have struggled to hire over the past few years and thus are reluctant to fire. The negative in this will continue to be on productivity and the drag it creates and also with corporate profit margins where labor makes up the biggest cost for most.
4 Week avg Initial Claims
Continuing Claims