When it comes to the weekly update on Jobless Claims, recently it seems like each week there’s another record low broken. That didn’t happen this week, though, as the headline print came in at 234K, which was up 11K from last week’s print of 223K and above consensus expectations for a level of 220K. Even with the higher than expected reading, though, claims came in below 300K for the 168th straight week, and they were below 250K for the 33rd straight week. That’s the longest streak of sub-250K readings since 1970.
With the relatively large weekly increase in claims, the four-week moving average also ticked higher, breaking a streak of four straight weeks of declines. At the current level of 219.75K, the four-week moving average is just over 6K above its multi-decade low of 313.5K set last week.
On a non-seasonally adjusted (NSA) basis, claims edged above 200K for the first time since mid to late April. Even with the increase, though, they are still more than 105K below their average for the current week of the year dating back to 2000. In fact, you have to go all the way back to 1973 to find a time when NSA claims were this low at this time of year.