Gigs and plastic: Jobless claims low, credit card balances dip
SPY•US initial jobless claims were 197,000 last week, while revolving credit balances fell by $4.8 billion in August. Total consumer credit increased by $8.3 billion, less than economists expected.
1. Claims remain low
Initial jobless claims fell by 2,000 to 197,000 last week, 3,000 below consensus. Continuing claims rose 1.0% to 1.716 million, 8,000 above analysts’ expectations. The article describes the labor market as stable but low-churn.
2. Credit card balances dip
US consumer debt increased by $8.3 billion in August, a 53.3% deceleration from July and $6.7 billion less than economists expected. Non-revolving credit grew by $13.1 billion, while revolving credit, including credit card debt, shrank by $4.8 billion.
3. Markets mixed
US indexes were modestly lower, with the Nasdaq down about 0.4%. Healthcare was the weakest S&P 500 sector and energy led gainers; the 10-year Treasury yield edged up to about 5.30%.
