US initial jobless claims edged down from a revised 198k to 197k in the week ending September 19, slightly below expectations of 200k. The prior week was revised up from 196k, but the four-week moving average still declined from 204.0k to 202.25k , pointing to a broadly stable and relatively low level of layoffs. Continuing claims rose marginally from 1.717m to 1.719m in the week ending September 12, while the insured unemployment rate held at 1.1% . The four-week average of continuing claims nevertheless fell from 1.757m to 1.744m , suggesting there has been no broad deterioration in the ability of unemployed workers to exit the benefits system.
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