Initial jobless claims came in weaker than expected this week rising to 203K instead of the expected decline to 193K. Additionally, last week’s print was revised up to 202K. While that brings claims back above the 200K level for the first time since February, the current level remains historically impressive.
On a non-seasonally adjusted basis, claims still have seasonal tailwinds at their back, though, the winds will shift in the next few weeks. On an unadjusted basis, claims are still below 200K, dropping another 6.6K w/w to 191.8K. Behind the 182.3K reading from late March, that is the strongest reading on initial claims since 2019 and is in line with the readings for the comparable week of the year in the few years prior to the pandemic.
Unlike initial claims, continuing claims have continued to head lower unabated. Claims fell to 1.343 million in the most recent week marking the fifth consecutive weekly decline. Claims have not been at such a low level since late 1969/the first weeks of 1970. Click here to learn more about Bespoke’s premium stock market research service.