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Data released on Thursday in the US showed initial and continuing claims falling to the lowest levels since April. Analysts at Wells Fargo point out continuing claims show essentially no improvement despite the new decline while initial jobless hints at some improvement in labor conditions. 

Key Quotes: 

“The 860K figure for initial jobless claims during the week of Labor Day was down from an upwardly revised figure of 893K the prior week. Claims for the PUA program also fell.”

“Continuing claims for regular state programs fell by about 1M the week of Sep. 5, but that comes as we are now a full six months from the start of shutdowns, and recipients are starting to exhaust benefits.”

“The total number of recipients, including extended or pandemic-specific benefits, remains stuck at nearly 30M.”