US initial jobless claims drop in September survey week

Initial jobless claims fell 11k to 264k in the week ending September 12, coming in below our forecast  (275k) and consensus expectations (275k) for a nearly unchanged reading. The decline in survey-week September initial unemployment claims brought the four-week moving average down modestly to 273k (previous: 276k). Versus the survey week for August payrolls, initial claims are down 13k this month. The Labor Department reported no special factors in this week's claims report.

 Continuing unemployment claims for the week ending September 5 fell as well, to 2.237mn from 2.263mn the prior week. The four-week moving average ticked lower (2.256mn, previous: 2.261mn) and the insured unemployment rate was unchanged at 1.7%.

"This morning's better-than-expected report for jobless claims suggests labor market conditions in the US remain solid, but this morning's revisions to nonfarm payroll growth have the potential to be equally informative about current job market strength", says Barclays