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Last Update: 03-Nov-11 09:23 ET
Initial Claims Falls Below 400,000 for the First Time Since September
The initial claims level declined from an upwardly revised 406,000 (from 402,000) for the week ending October 22 to 397,000 for the week ending October 29. The Briefing.com consensus expected the initial claims level to fall to 401,000.
This was the first time since the week ending September 24 that the initial claims level fell below 400,000.
The initial claims level has remained below the upper bound (410,000) of our "Recovery Zone" for the past six weeks. At that level, nonfarm payroll growth in excess of the 100,000 needed to support normal labor force growth is expected.
The continuing claims level declined from an upwardly revised 3.698 mln (from 3.645 mln) for the week ending October 15 to 3.683 mln for the week ending October 22. The consensus expected continuing claims to register at 3.675 mln.
This was the first time since the week ending September 24 that the initial claims level fell below 400,000.
The initial claims level has remained below the upper bound (410,000) of our "Recovery Zone" for the past six weeks. At that level, nonfarm payroll growth in excess of the 100,000 needed to support normal labor force growth is expected.
The continuing claims level declined from an upwardly revised 3.698 mln (from 3.645 mln) for the week ending October 15 to 3.683 mln for the week ending October 22. The consensus expected continuing claims to register at 3.675 mln.
