Seasonally adjusted initial jobless claims remain off of the low from one month ago, but this week did see a sequential improvement. Claims dropped by 2K to 184K from last week’s slightly upwardly revised level of 186K. That is the ninth week in a row with sub-200K prints as claims sit at some of the lowest levels on record.
Before seasonal adjustment, claims were also impressive falling from 224.1K to 196.9K as the brief seasonal uptick at this point of the year unwinds. As shown in the second chart below, the current week of the year has only seen claims rise week over week 12% of the time historically. Claims will likely continue to see seasonal tailwinds through the next several weeks before a seasonal increase in the late spring and summer.
Lagged one week to initial claims, continuing claims came in below expectations of 1.459 million, reaching a new low of 1.417 million. That sets the lowest level since February 1970. Click here to view Bespoke’s premium membership options.