Jobless claims for the latest week came in lower than expected after rising 6K from last week’s downwardly revised reading of 259K. Jobless claims have now been below 300K for 55 straight weeks. That’s the longest streak of sub 300K readings since 1973.
This week’s release of jobless claims figures also contained the annual revisions to data going back to 2011. As a result of these revisions, claims totals were lowered for much of 2016, and there were some slightly higher readings for 2015. When taking the revised numbers into account, the four-week moving average for claims actually made a new cycle low of 259.5K last week. That was the lowest reading for this indicator since December 1973. Following this week’s report, the four-week moving average rose slightly to 259.75K.
On a non-seasonally adjusted (NSA) basis, jobless claims dropped to 230.9K this week. This is nearly 100K below the average for the current week of the year dating back to 2000, and it’s the lowest NSA reading for the current week of the year since 1973.