Just when you think jobless claims can’t go any lower, they do. In this week’s report, first-time claims came in at a level of 209K compared to forecasts for a reading of 230K. Not only was this week’s print a big beat relative to expectations, but it was also the lowest reading since 1969! With jobless claims posting impressive numbers week in and week out, it’s easy to forget how impressive these weekly reports are, so let us remind you. The current streak of 164 straight weeks of sub-300K prints is the longest such streak on record. Also, it has now been 24 weeks since weekly claims even came in above 250K, and that’s the longest such streak of sub-250K readings since 1973.
Even with the weekly reading coming in at the lowest level since 1969, the four-week average for jobless claims didn’t quite take out its multi-decade lows from early March. In order for this reading to make a new low next week, we’ll have to see a print of 215k or less.
On a non-seasonally adjusted basis, jobless claims were also impressive with a sub-200K reading. For the current week of the year, that is the lowest level since 1969, and it’s more than 133K below the average for the current week of the year dating back to 2000.