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Quotes from BMO Capital Markets:
- U.S. initial jobless claims fell by 14k in the August 16th week to 298k, a shade better than expectations. This is the all-important survey week for the August payrolls report, and the result leaves claims very close to July's survey-week reading-for the record, nonfarm payrolls rose by a lukewarm 209k in that month.
- On a 4-week average basis, initial claims now sit slightly above the 300k mark again (300.75k). While that measure has edged up for two straight weeks now, keep in mind that readings at or below the 300k mark are extremely rare in an historical context-going back to 1990, we've seen it only for a short period during the height of the technology bubble and very briefly in early 2006 when the housing market boom was peaking.
- The Labour Department said there were no unusual factors at play in this release. Continuing claims fell to 2.5 mln in the August 9th week from 2.55 mln.