The claims data has no baring on September’s employment report, which is scheduled for release on Friday. According to a Reuters survey of economists, nonfarm payrolls likely increased by 185,000 in September after surging 201,000 in August. The unemployment rate is forecast falling one-tenth of a percentage point to 3.8 percent, an 18-year low first hit in May.
Payrolls growth could, however, surprise on the upside as data on Wednesday showed an increase in hiring by private companies in September and a jump in private sector jobs.
The labor market, which is viewed as being near or at full employment, is steadily boosting wage growth, which could help to support consumer spending as the stimulus from the Trump administration’s $1.5 trillion tax cut package fades.
The Federal Reserve raised interest rates last week for the third time this year and removed the reference to monetary policy remaining “accommodative.”
Thursday’s claims report also showed the number of people receiving benefits after an initial week of aid fell 13,000 to 1.65 million for the week ended Sept. 22. The four-week moving average of the so-called continuing claims decreased 15,250 to 1.66 million, the lowest level since October 1973.
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