Initial Jobless Claims

First time claims for jobless benefits during the week ended August 28 fell by more than expected to 472,000 from a revised 478,000 in the previous week (first reported as 473,000).  Economists had expected a decline to 475,000.  The four-week average of initial claims, which smoothes volatility in the weekly number, fell to 485,500 from 488,000.  The number of workers continuing to receive jobless benefits fell by 23,000 to 4.46 million in the week ending August 21.  The number of workers who have exhausted traditional benefits and are receiving extended benefits fell to 5.44 million, a decline of approximately 320,000, in the week ended August 21.  The insured unemployment rate, the rate for workers with unemployment insurance, held steady at 3.5% for the week ended August 21.

Summary:  Despite the drop in last week's claims, levels remain elevated and continue to suggest a troubled labor market.

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