Jobless claims remained practically unchanged this week rising from 294K up to 295K, although economists were looking for claims to drop down to 287K. While this marks the seventh straight week where claims have come in sub 300K, they have slowly inched up towards that level in the last three weeks.
The four-week moving average for jobless claims also inched up this week, rising from 282.75K up to 284.5K. This is just 2K above the post-recession low set three weeks ago. This is likely to change next week, however, as a reading of 267K is dropped from the four-week count. Unless we see a big decline in weekly claims next week, the four-week moving average is likely to jump up towards 290K.
On a non-seasonally adjusted basis, jobless claims fell 28.1K to 279.1K. For the current week of the year, this is the lowest reading since 2006 and 71K below the average of 350.2K for the current week of the year going back to 2000.