Jobless Claims: Another Decline

Bottom Line:  Claims fell for the second week after ticking higher in late July and early August. Seasonal adjustments were minor. Claims jumped in Hawaii following the devastating fire in Maui but were lower in Ohio, which had been struggling with fraud. Overall, the labor market remains historically tight, off the tightest levels, but still historically. Moreover, there are few signs that the uptrend that started in March will continue and push claims above the high end of the range, just over 260k.Initial Jobless Claims FELL -10k in the week ended August 19th to 230k, BELOW the 4-week average of 236.75k, BELOW the 13-week average of 241.69231k but 22k ABOVE the year-ago level.Continuing Claims FELL -9k in the week ended August 12th to 1.702M, ABOVE the 4-week average of 1.69725M, BELOW the 13-week average of 1.728538M and 373k ABOVE the year-ago level.