Jobless claims came in higher than expected for the second straight week this week. While economists were forecasting first-time claims to come in at 270K, the actual reading was 276K which was unchanged from last week.
With this week’s higher than expected reading, the four-week moving average of claims rose by 5K to 267.75K. This is the highest reading in the four-week moving average since the end of September and 8.5K above the cycle low of 259.25K from two weeks ago. Judging by the trend of the last two weeks, though, don’t expect to see the four-week moving average test that low anytime in the near future.
On a non-seasonally adjusted (NSA) basis, claims rose by 32.2K to 290.5K. For the current week of the year, this is still more than 100K below the average going back to 2000, and the lowest reading for the first week of November since 1973.