New jobless claims remain extremely low at 271k, suggesting very little slack in the labor market

Unemployment remains very low with initial claims down 6,000 in the August 22 week to 271,000. The 4-week average rose slightly in the week to 272,500 but is still slightly lower than the month-ago comparison.

Continuing claims, which are reported with a 1-week lag, rose 13,000 to a 2.269 million level which is just about where the 4-week average is, at 2.265 million for a 1,000 decline. The unemployment rate for insured workers is unchanged at a very low 1.7 percent.

All the readings in this report are very low and suggest that remaining slack in the labor market is very thin. There are no special factors in today's report.