US initial jobless claims fell -5k to 229k in the week ending August 23, in line with expectations, while the 4-week moving average rose +2.5k to 228.5k.

• On an NSA basis, initial claims declined -2.9k to 191.3k, broadly in line with the prior year level of 192.7k.

• Total continued claims (SA) decreased -7k to 1.954 million (vs 1.97 million expected) in the week ending August 16, while the NSA measure fell -10.5k to 1.945 million.

• The insured unemployment rate held steady at 1.3% (SA and NSA), up slightly from 1.2% a year ago.

• The 4-week moving average of continuing claims increased +4.5k to 1.956m, remaining above the 1.866m level of the prior year.

• Federal employee claims (UCFE) eased -54 to 581, though they were higher than the 284 seen a year earlier.