Jobless claims declined for the third time in four weeks, falling from 230K down to 221K compared to expectations for an increase to 232K. This week’s print was the second lowest reading of the current economic expansion and the 153rd straight week below 300K.
Even more impressive is the fact that the four-week moving average for claims dropped to its lowest level in 45 years. Not since 1973, when the size of the labor force was considerably smaller, were claims as low as they are now.
On a non-seasonally adjusted (NSA) basis, jobless claims fell to 240.6K, which is more than 40K below the average of 383K for the current week of the year dating back to 2000. In fact, going back to the late 1960s, for the current week of the year there has never been a lower NSA print! How’s that for impressive?