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ECON: Jobless Claims Much Lower Than Expected; No "Yeah But" This Time
Posted to: Micro News
Thursday, September 26, 2013 8:37 AM
- Claims fell to 305k vs 325k Forecast
- Previous week revised to 310k from 309k
- Past two claims reports have had "explanations" from the Labor Department as to why they were so low. This one says those temporary factors (backlogs in 2 states due to computer upgrades) are no longer a factor, so the headline 305k is ostensibly real. Markets reacting accordingly. MBS and Treasuries slightly weaker.
In the week ending September 21, the advance figure for seasonally adjusted initial claims was 305,000, a decrease of 5,000 from the previous week's revised figure of 310,000. The 4-week moving average was 308,000, a decrease of 7,000 from the previous week's revised average of 315,000.
The advance seasonally adjusted insured unemployment rate was 2.2 percent for the week ending September 14, an increase of 0.1 percentage point from the prior week's unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending September 14 was 2,823,000, an increase of 35,000 from the preceding week's revised level of 2,788,000. The 4-week moving average was 2,842,500, a decrease of 42,750 from the preceding week's revised average of 2,885,250.
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