After jumping from 237,000 up to 260,000 last week, weekly initial jobless claims came in at 246,000 this week. That was 4,000 lower than the consensus of 250,000 that economists were expecting.
Jobless claims continue to come in remarkably low.
Below is a chart showing the 4-week moving average of weekly initial jobless claims. This helps to smooth things out. As shown, the current 4-week moving average stands at 248,000. Since 2000, the average of this 4-week moving average has been 366,000, so we’re currently 118,000 below that level.
The above readings have been seasonally adjusted, so what was the actual non-seasonally adjusted number this week? As shown below, it came in at 278,700. That means the seasonally adjusted number was adjusted down by roughly 30,000 this week. But if you look at the non-seasonally adjusted reading for this week of the year going back to 2000, the average has been 401k. So this week’s non-seasonally adjusted number was 123,000 below average. It was also the lowest reading for this week of the year seen since at least 2005. Pretty solid.