US jobless claims decrease in first week of September

The US labor market confirms strength, keeping unemployment at the lowest level since 1973. In the week ended September 3, Americans who applied for unemployment benefit in the USA decreased 4,000 to a seasonally adjusted 259,000.

Analysts' forecasts were instead for a climb to 265 thousand units. It was the 79th straight week that claims remained below 300,000, the longest range by late 1970.

The four-week moving average – according to data of the US Department of Labor – has stabilized at 261,250 units, down 1,750 from the previous week. It is considered a more accurate indicator of labor market health because it smoothes out the strong weekly fluctuations observed.

Finally, in the week ended August 27, the benefit of continuing claims fell 7,000 to 2.144 million. The average of the past four weeks stood at 2,153,750 units, down 4,000 units from the previous week.

"The underlying reality appears to be a rock solid labor market, with firms having increasing difficulty filling openings," Stephen Stanley, chief economist at Amherst Pierpont Securities, wrote in a research note.