Initial jobless claims lower than forecast fallling to 450K, although jobs still not being created

Initial jobless claims were lower than forecasts, falling 3,000 to 450,000 in the week ending September 11th. The four-week average of claims declined 13,500 to 464,750.

BOTTOM LINE
Given that there was little revision to last week’s claims data and the decline was maintained in the second week of September, it looks like the estimation of claims by the Labor Department for a number of states was not the reason for the sharp decline in initial claims in early September. Although jobless claims remain elevated and at levels that historically have not been associated with solid job creation, we take some comfort that the risen in claims in August was not sustained—initial jobless claims are now down 54,000 from the August employment survey week.

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