US initial jobless claims 227K vs 230K estimate

• Prior week 231K revised to 232K
• prior week continuing claims 1.868M
• initial jobless claims 227K versus 230K estimate
• 4-week moving average of initial jobless claims 230K vs 231.75K last week
• Continuing claims 1.838M versus 1.865M estimate
• 4-week moving average of continuing claims 1.853M vs 1.861M last week
• The largest increases in initial claims for the week ending August 24 were in New York (+2,604), Michigan (+1,322),
  Georgia (+1,166), North Dakota (+992), and Massachusetts (+748),
• The largest decreases were in Texas (-1,515),
  Florida (-1,313), California (-965), Washington (-522), and Virginia (-517).

The continuing claims falling is good news for jobs. THe initial jobless claims stays steady but off the 250K spike last month.The markets are taking a sigh of relief as Unit Labor costs revised for the 2Q were also lower at 0.4% from 0.8% preliminary, while productivity rose to 2.5% from 2.3%

The NASDAQ is still down -90 point as projected by the futures, but is off the premarket session lows after the ADP.. The 2- year yield is still down -4.1 basis points while the 10 year is down -3.2 basis points.

This article was written by Greg Michalowski at www.forexlive.com.