·
Initial claims for unemployment insurance fell 3,000 to 322,000 last
week following a little revised 12,000 decline the prior week. Consensus
expectations had been for 325,000 claims.
· During the last ten year there has been a (negative) 75% correlation between the level of initial jobless insurance claims and the m/m change in payroll employment.
· The four-week moving average of initial claims was little changed at 325,000 (-1.7% y/y).
· Continuing unemployment insurance claims increased a sharp 85,000 following a 36,000 rise the prior week which was little different than initially reported.
· The insured rate of unemployment remained at 2.1%.
· International Capital Flows and U.S. Interest Rates from the Federal Reserve Board is available here.