US jobless claims fall to 196,000, the lowest in over a month

The US Department of Labor published its weekly unemployment insurance claims report on Thursday 17 September, covering the week ending 12 September 2026.

The figures

• Initial claims (seasonally adjusted): 196,000, down 10,000 from the previous week's unrevised 206,000
• 4-week moving average: 203,250, down 2,750
• Insured unemployment (week ending 5 September): 1,730,000, down 39,000, with the previous week's figure revised down 5,000
• Insured unemployment rate: 1.1%, down 0.1 percentage point
• Unadjusted initial claims: 152,286, down 24,630 (13.9%) from the previous week, and below the 195,433 claims filed in the comparable week of 2025

By state

The largest increases in initial claims were in Michigan (+2,075, attributed to manufacturing layoffs) and California (+1,967). The largest decreases were in New York (−3,790, driven by fewer layoffs in transportation, warehousing, accommodation and food services) and Kentucky (−778).

Why it matters

Weekly claims are the most current official read on the US labour market, arriving with only a few days' lag. A drop to 196,000, together with a lower four-week average, points to a labour market that's cooling only gradually, consistent with the "job gains have kept pace with the growth of the workforce" language in the Federal Reserve's 16 September statement, when it raised its target range to 3.75%–4.00% (report). August's payrolls report showed a similar picture, with 162,000 jobs added (report).

Claims are volatile week to week and difficult to seasonally adjust, so a single week's fall is rarely conclusive on its own. The next report is due 24 September. Live prices: EUR/USD.