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Unemployment Claims up to 263,000

Thursday, Sep 01 2016

In the week ending August 27, the advance figure for seasonally adjusted initial claims was 263,000, an increase of 2,000 from the previous week's unrevised level of 261,000. The 4-week moving average was 263,000, a decrease of 1,000 from the previous week's unrevised average of 264,000. There were no special factors impacting this week's initial claims. This marks 78 consecutive weeks of initial claims below 300,000, the longest streak since 1970.

Separate report on ISM Manufacturing PMI showed that the index dropped to 49.4, weaker than the most pessimistic estimate in a Bloomberg survey, from 52.6 in July. The decline of 3.2 points was the biggest since January 2014. Fresh orders to American factories shrank for the first time this year, as production was cut by the most since 2012 and employment fell, the report showed. The figures are surprising considering other data point to an economy that is bouncing back on the heels of still-robust consumer spending and progress in paring inventories.

 

Euro is currently being traded around 1.1130 level, Sterling is at 1.31 handle, while Aussie is few points above 0.75 area.

More in this category: « UK Manufacturing PMI increased to 53.3 Number of unemployed in Spain rose by 14,435 »

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