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Jobless claims hit pre-recession low

US initial jobless claims

A pretty clean jobless claims report, that ought by now be free from adjustment effects from summer auto-plant retooling, saw the closely-watched monthly average reading fall to an eight-year low. Claims of 289,000 through the latest weekend were fewer than expected, consistent with a sustained pick-up in hiring as fewer employers fire workers.

The prior reading was 303,000. The reading drove down the four-week moving average to 293,500 to a level last seen in 2006. The department of labor said no states estimated the latest data. A year ago, the average measure ran at 337,000. Continuing claims through the prior weekend fell by 24,000 to 2.518 million and compares to a year ago count of 3.005 million.

Chart – Claims and four week average

 

About the Author
Andrew Wilkinson

Andrew is a seasoned trader and commentator of global financial markets. He worked for several London-based banks trading cash and derivatives before moving to the U.S. to attend graduate school. Andrew re-joins Interactive Brokers following a two-year stretch at a major Wall Street broker-dealer as their Chief Economic Strategist. His coverage of stocks, options, futures, forex and bonds regularly surfaces in global media, and over the last several years Andrew has made many TV appearances on Bloomberg, BBC, CNBC and BNN and Yahoo Finance.

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