Overview

• Initial claims for the week ended Sept. 20 fell by 14,000 to 218,000, well below economist expectations of about 235,000.
• Continuing claims were essentially unchanged at 1.926 million, while the four-week average of initial claims edged down to roughly 237,500.
• The report arrives a week after the Federal Reserve cut rates by 25 basis points to 4.00%-4.25% as officials highlighted rising downside risks to employment.
• Broader metrics point to softening conditions, with slower payroll gains, fewer job openings, and a preliminary BLS revision removing 911,000 jobs from the year through March 2025.
• State-level data underscore mixed dynamics, including Florida’s decline to 5,590 new filings, alongside elevated ongoing claims consistent with longer unemployment durations reported in August.