JPMorgan: Initial Jobless Claims Data Does Not Show Rapid Deterioration in Labor Market

BlockBeats News, August 21st - Jefferies economist Thomas Simons wrote in a report that the initial claims data did not indicate a rapid weakening in the labor market. "The lateral fluctuations in both initial and continuing claims in recent months suggest that layoff activity remains limited. The labor market's 'no hiring/no firing' characteristic continues to be firmly in place." The latest jobless claims data correspond to the reference week for the August nonfarm payroll report, which will be released in early September. Simons pointed out that since the reference week in July, initial claims have risen by 14,000, but the four-week moving average has dropped by about 5,000. (FXStreet)