September jobless claims lower than forecast

Initial jobless claims were lower than forecasts, falling 11,000 to 445,000 in the week ending October 2nd. The four-week average of claims declined 3,000 to 455,750.
The good news is that the four-week average of initial claims has fallen for six straight weeks. The bad (but not unexpected) news is that the level of claims remains too high to be consistent with solid job creation. However, the continued downward trend in initial claims gives some support to our hunch that the flare up in claims over the summer was not an indication of a weakening labor market but a result of re-filers looking to get back on the federal emergency claims program once the benefits were reauthorized.

Source RDQ

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