Average initial jobless claims still stubbornly high
The U.S. Department of Labor confirmed that for yet another week average jobless claims remain in the 560-580K range where they have been for two months. Initial claims for the week ended Sep. 5 were down to 550,000, a decline of 26,000 from the previous week. And continuing claims dropped as well.
But my focus is on the seasonally-adjusted average number and this is not coming down yet. It is still 128,000 more than at this time last year. Long story, short. The U.S. jobs market is still weak and remains the most serious threat to a sustained recovery.