Labor Demand Strong, Labor Market Tight Ahead of August Jobs Report
The Labor Department said the advance figure for seasonally adjusted initial claims was 217,000 for the week ending August 31, a gain of just 1,000. The 4-week moving average came in at 216,250, an increase of 1,500.
Forecasts ranged from a low of 204,000 to a high of 218,000. The consensus was 215,000.
In lagging data, the advance seasonally adjusted insured unemployment rate was unchanged at a very low 1.2% for the week ending August 24. The advance number for seasonally adjusted insured fell 39,000 to 1,662,000 for the week ending August 24. The 4-week moving average was 1,691,750, a decrease of 6,250.
No state was triggered “on” the Extended Benefits program during the week ending August 17, a Labor Department analyst said.
The highest insured unemployment rates in the week ending August 17 were in New Jersey (2.4), Connecticut (2.2), Puerto Rico (2.1), Pennsylvania (2.0), California (1.8), Rhode Island (1.8), Alaska (1.6), Massachusetts (1.6), Illinois (1.4), and New York (1.4).
The largest increases in initial claims for the week ending August 24 were in New York (+4,452), Texas (+925), Georgia (+537), Illinois (+385), and North Dakota (+329), while the largest decreases were in California (-834), Michigan (-265), Kentucky (-261), Washington (-252), and Pennsylvania (-213).
