US jobless claims remain low in September survey week

Initial jobless claims rose 3k, to 267k, in the week ending September 19, a bit lower than our forecast (275k) and consensus expectations (272k). Prior-week initial claims were unrevised at 264k, and the Labor Department reported no special factors in this morning's report. The four-week moving average of initial claims fell modestly, to 272k (previous: 273k).

Continuing claims for the week ending September 12, the survey week for the September employment report, were about unchanged at 2.242mn from a downwardly revised prior-week reading of 2.243mn (initial: 2.237mn). The four-week moving average of continuing claims was steady at 2.252mn (previous: 2.257mn), and the insured unemployment rate was unchanged at 1.7%.

The monthly comparison of survey-week jobless claims in this morning's data shows a modest decline in initial claims (264k, August: 277k) and nearly unchanged continuing claims (2.242mn, July: 2.266) from August to September.

"We view the steady trend in continuing unemployment claims and historically low level of overall jobless claims as indicative of solid labor market separations through mid-September", says Barclays.