Initial jobless claimes lower than forecast due to refiling of unemployment benefits

Initial jobless claims were lower than forecasts, falling 16,000 to 453,000 in the week ending September 25th. The four-week average of claims declined 6,250 to 458,000.

BOTTOM LINE

Jobless claims continued to trend lower in late September judging by the four-week average of claims, which supports our view that the flare up in claims over the summer might have been the result of re-filers after the resumption of extended benefits (although it was unnecessary to re-file, we suspect many people did and the claims data are about applications whether successful or not). However, the level of claims is still consistent with only modest job creation (the employment report for September is due to be released on October 8).

Source RDQ

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