· Last
week, a 34,000 decline in initial unemployment insurance claims to
324,000 retraced all of the prior period's little revised jump. The
decline nearly matched Consensus expectations for 320,000 claims.
· During the last ten years there has been a (negative) 77% correlation between the level of initial claims and the m/m change in nonfarm payroll employment.
· The four-week
moving average of initial claims rose to 328,750 (4.2% y/y), its highest
level since May.
· Continuing
claims for unemployment insurance jumped 57,000 and added to the
downwardly revised 32,000 increase during the prior week.
· The Monster Employment Index rose three points last month to a new series' high. The 17.4% y/y increase was, however, the slowest in the index's brief history. Figures dating back only to 2003 can be found in the Haver SURVEYS database and the latest report from Monster is available here.
· Uneven Employment Growth Reflects Differing Mixes of Jobs from the Federal Reserve Bank of St. Louis can be found here.
· Construction Slowdown from the Federal Reserve Bank of Richmond is available here.