INITIAL JOBLESS CLAIMS TUMBLE

Initial jobless claims fell to 287,000 during the week ending September 27 from 295,000 the week prior.

This was better than the 297,000 expected by economists.

This brought the 4-week moving average to 294,750, down 4,250 from a week ago.

“The ongoing decline in weekly jobless claims continues to suggest that labour market slack is on the decline, with the layoff side of the labour equation remaining on a path of gradual improvement as claims hover around cycle lows,” TD Securities’ Gennadiy Goldberg said.

Continuing claims fell to 2.398 million from 2.443 million.

“he gradual improvement in continuing claims is particularly encouraging and is consistent with recent declines in the unemployment rate, suggesting that unemployed workers continue to find gainful employment,” Goldberg added.

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