Overview

• Initial jobless claims fell by 33,000 to a seasonally adjusted 231,000 for the week ended Sept. 13, partially reversing a prior surge to 264,000 concentrated in Texas and linked to identity‑fraud attempts.
• The four‑week moving average edged down to 240,000, while continued claims for the week ended Sept. 6 declined to 1.920 million.
• Hiring has slowed sharply, with August payrolls up just 22,000 and a three‑month average near 29,000, as the unemployment rate hovers around 4.3%.
• The average duration of unemployment rose to 24.5 weeks in August, the longest since April 2022, underscoring tougher reemployment conditions.
• The Fed lowered its policy rate to 4.00%–4.25% and signaled more cuts through 2025, with Chair Jerome Powell noting both labor demand and supply have diminished; separate BLS data indicated payrolls were overstated by about 911,000 through March.