Weekly jobless claims fall once more, underscoring tight job market

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The initial weekly claims figure, which is at its lowest level in just over three months, is below the previous week’s downwardly revised level of 228,000 and lower than economists’ expectations of 240,000, according to Refinitiv estimates.
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Continuing jobless claims for the week ended September 3 increased by 36,000 to 1.47 million, the highest level in nearly five months, according to the Labor Department.

“We don’t expect initial claims to continue to fall, but don’t look for a sharp spike either,” Nancy Vanden Houten, lead US economist with Oxford Economics, told CNN Business. “Even as the economy is weighed down by higher interest rates, labor markets are only starting to loosen slightly. So we think employers will be reluctant to let go of workers, and will slow hiring first.”

Vanden Houten added that she expects continuing claims to track more closely with initial claims, and that the latest uptick likely reflects volatility from non-seasonally adjusted estimates provided by…

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