Initial Jobless Claims totaled 445k, 10k below expectations, down from 456k last week (revised up by 3k) and is at the lowest since early July. That July level was influenced by the July 4th holiday and disregarding that distortion, today’s figure is the lowest since late March. The 4 week average fell to 456k from 459k. Continuing Claims up to 26 weeks were 12k higher than expected but fell from a sharp upward revision to the prior week. Extended Benefits rose a net 257k and reverses almost completely the prior week’s drop of 294k. Bottom line, it’s great to see initial claims fall back below 450k and hopefully the moderating pace, albeit still too high, of firings will continue but the level of extended benefits still is evidence that the pace of hiring remains punk.

Category: MacroNotes

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2 Responses to “Initial Jobless Claims move below 450k”

  1. Through the Looking Glass says:

    So really all it takes to move this economy is to overestimate jobs reports. Its kind of like printing money .

    Tell me again ….just what is that formula that is good as gold that decides amongst millions of variables just how many people will be working next month? I wish I was a cartoonist, I would draw the jobs report guy with his feet up on a desk throwing darts. Another overpaid govt employee.

  2. pintelho says:

    OK…Dr. Boockvar….Please tomorrow discuss how every week we get a number like 450k new jobless claims that’s a total of about 1.8 million over a 4 week period…yet at the end of the month we NET positive something like 100k jobs….

    Doesn’t this mean that somewhere along the way in each month we are creating 1.9(ish) million jobs…this is I think an important perspective in the jobs story that gets completely ignored and not discussed.

    We fire nearly 2 million people every month…yet we also are hiring about the same amount to a few tens of thousands MORE people each month…netting out a positive number.

    I don’t know why people don’t talk about it that way but they don’t. Unless I am totally an idiot and don’t understand how these numbers go together…