Initial Jobless Claims Fall To Lowest Level Since February 2006

Unemployment union lineREUTERS/Keith BedfordA job seeker yawns as he waits in front of the training offices of Local Union 46, a union representing metallic lathers and reinforcing ironworkers, in the Queens borough of New York.

Initial jobless claims held steady at 287,000 last week.

Expectations were for claims to rise slightly to 295,000, up from last week’s 287,000.

Last week’s report was revised up slightly to 288,000.

The 4-week moving average of claims fell to 287,750, down 7,250 from last week, the lowest 4-week moving average since February 4, 2006.

In a note to clients following the report, Ian Shepherdson wrote, “In one line: The downward trend continues; expect strong payrolls in Q4… With the pace of firings exceptionally low, and surveys signaling robust hiring, we have to expect very strong payroll growth in Q4, at least. Claims are unlikely to tall much further, but equally we see no reason to expect a near-term rebound.”

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