Jobless claims in September have now averaged just 236,000 weekly as of this morning's report, the equivalent of an annual rate of just 12.3 million first time claims for unemployment.
Claims in August had averaged 253,000 weekly, down over 18% from July's 310,000 weekly. The average for the whole first half of the year was 326,000 weekly, so the current low level well below 300,000 sustained for two straight months is very welcome news at least for job holders.
With claims averaging 266,000 weekly at midpoint in the second half, it is conceivable that total claims in 2014 could come in under the 16 million mark, which would beat the best performance for initial claims achieved since 2000 (under George Bush). That will require claims averaging no more than about 310,000 weekly for the last three months of 2014. The last two months show that that low level is possible.
Stock futures a half hour after the report are nonplussed.
