US Initial Jobless Claim at 227k dropped 5k.

The number of people claiming unemployment benefits in the US dropped by 5,000 from the previous week to 227,000 on the period ending August 31st, below market expectations of 230,000, and reaching a new 7-week low. Despite this decline, the claim count remained significantly above the averages seen earlier this year, as the US labor market has softened since its post-pandemic peak, although it remains historically tight. In the meantime, outstanding claims fell by 22,000 to 1,838,000 in the previous week. The four-week moving average for initial claims, which reduces week-to-week volatility, fell by 1,750 to 230,000. Meanwhile, the non-seasonally adjusted monthly basis declined by 3,352 to 189,389. source: U.S. Department of Labor