EmailThe initial claims level increased from an upwardly revised 364,000 (from 361,000) for the week ending August 4 to 366,000 for the week ending August 11. The Briefing.com consensus expected the initial claims level to increase to 368,000.
Now that the biases from the motor vehicle sector have ended, the initial claims level is providing an accurate reading on the employment situation. These levels suggest payroll growth in the neighborhood of 150,000 per month and showcase a labor sector that has improved notably since late Spring. The continuing claims level fell from an upwardly revised 3.336 mln (from 3.332 mln) for the week ending July 28 to 3.305 mln for the week ending August 4. The consensus expected the continuing claims level to fall to 3.300 mln.
