US Weekly Jobless Claims Increase Modestly To 225K

Weekly Initial Jobless Claims for the week ending September 28 were 225,000, an increase of 6,000 from the previous week’s revised level, according to data the Labor Department released on Thursday.

The number is above the average economist estimate of 221,000, as per data from Benzinga Pro.

The previous week’s level was revised higher by 1,000 from 218,000 to 219,000.

Also Read: European Central Bank Cuts Key Interest Rates As Inflation Cools.

The 4-week moving average was 224,250, a drop of 750 from the previous week’s revised average of 225,000.

The advance seasonally adjusted insured unemployment rate was 1.2% for the week ending September 21, unchanged from the previous week’s revised rate.

The advance number for seasonally adjusted insured unemployment during the week ending September 21 was 1,826,000, a decrease of 1,000 from the previous week’s revised level.

According to the ADP National Employment Report released on Wednesday, the U.S. private sector added 143,000 jobs in September, surpassing expectations of 124,000 and reflecting a rebound in job creation following a five-month slowdown.

The labor market is expected to show a modest increase of 140,000 jobs, slightly down from August’s 142,000, as nonfarm payroll will release its report on Friday.

The slowdown in job creation and tempered wage growth point to a cooling labor market that may give the Fed room to consider additional easing measures.

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