The U.S. Department of Labor released the weekly jobless claims, which are continuing to remain very low and come in under estimates. This ongoing decline in workers filing for jobless claims is a strong signal that the labor market is picking up. This also follows the JOLTS report that showed the largest number of job openings since 2001.
The reading for weekly jobless claims was 287,000, compared to the Bloomberg consensus estimate of 293,000. The previous revised reading was 288,000, versus the unrevised 287,000 announced last week.
The four-week moving average came in at 287,750, which was 7,250 less than the previous reading at 295,000. This is the lowest reading for the four-week moving average since February in 2006.
Continuing claims, which lag by a week, fell 21,000 to 2.381 million. This is the newest recovery low and the lowest level that continuing claims have read at since May in 2006.
The most recent Employment Situation Report from October 3 noted these key statistics for the month of September:
- Nonfarm Payrolls: 248,000
- Unemployment Rate: 5.9%
- Average Hourly Earnings: 0.0%
- Average Workweek: 34.6 hours
- Private Payrolls: 236,000