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Wednesday, October 5, 2022 12:43:12 AM EDT

Initial Claims Updated 29-Sep-22 09:41AM ET

For the week ending September 24, initial jobless claims decreased by 16,000 to 193,000 ( consensus 213,000). That is the first drop below 200,000 since early May.

Continuing jobless claims for the week ending September 17 decreased by 29,000 to 1.347 million.

The four-week moving average for initial claims decreased by 8,750 to 207,000.

The four-week moving average for continuing claims decreased by 22,500 to 1,381,250.

The total number of continued weeks claimed for benefits in all programs for the week ending September 10 was 1,302,353, an increase of 6,855 from the previous week. In the same week a year ago, there were 5,027,611 weekly claims filed for benefits in all programs.

The key takeaway from the report is the same as last week: the low level of initial claims -- a leading indicator -- will register with the Fed as a basis to maintain an aggressive line with its rate hikes since it sees a softening in the labor market as a necessary ingredient for helping to bring inflation back down to its 2.0% target. To be sure, an initial claims reading below 200,000 is not at all consistent with a labor market softening in a manner that would placate Fed officials.
Sep 24Sep 17Sep 10Sep 3Aug 27
Initial Claims193K209K208K218K228K
4-Wk Moving Avg207K216K223K232K241K
Continued Benefits1347K1376K1400K1402K
4-Wk Moving Avg1381K1404K1413K1421K