Jobless claims saw their largest weekly decline of this short year in the last week, falling from 242K down to 223K. This was the lowest weekly reading since March 1973, the 104th straight week where claims were below 300K, the fifth straight week claims were below 250K, and the seventh time in the nine weeks this year that claims have been lower than expected. Suffice it to say, there’s not much negative to say on the claims front. On the day of Snap’s IPO, it’s ironic to think that the last time claims were this low was when Polaroid was the camera company of the day that was all the rage.
With this week’s decline, the four-week moving average also plunged to a new cycle low of 234.25K. That’s the lowest level for this measure since April 1973.
On a non-seasonally adjusted basis, claims were also extraordinarily low, falling to 213.1K. That’s the lowest level for the current week of the year since 1969 and more than 140K below the average of 344.7K for the current week of the year dating back to 2000.