With the labor market being viewed as either at or near full employment, claims will likely hover around current levels for a while. The job market has experienced robust hiring in the last two months and slack has also significantly diminished.
A Labor Department analyst said there were no special factors influencing last week’s claims data and that no states had been estimated.
The four-week moving average of claims, considered a better measure of labor market trends as it irons out week-to-week volatility, fell 1,250 to 264,000 last week.
The claims report showed the number of people still receiving benefits after an initial week of aid dropped 30,000 to 2.15 million in the week ended Aug. 13. The four-week average of the so-called continuing claims ticked up 250 to 2.16 million.
The continuing claims data covered the survey week for August’s unemployment rate. Continuing claims rose 1,000 between the July and August survey periods. That suggests the+