Initial jobless claims were just 201k last week, a drop of -10k. This was the lowest since February and below expectations of 214k. When not seasonally adjusted, claims were up 21k to 305k.

Total continued claims increased 33k to 1.87 million after the strong drop last week, basically in line with expectations. When not seasonally adjusted, continued claims jumped 316k to 2.18 million, reflecting the decline in seasonal employment. The insured unemployment rate remained at 1.2%.