Jobless claims came in higher than expected this week, rising to 244K from 242K. Make no mistake, though, with claims coming in below 250K for the fourth straight week and below 300K for the 121st straight week, claims are extraordinarily low by historical standards. Also, as shown in the inset chart below, claims continue to trend lower.
The four-week moving average for claims fell by 2.75K this week to 242.25K, which is 6.75K above the post-recession low of 235.5K seen six weeks ago back in mid-May.
On a non-seasonally adjusted (NSA) basis, jobless claims rose by just over 10K to 239.2K. While that’s up, at this time of year it is common for claims to increase, so for the current week of the year, the NSA reading was still more than 100K below its average since 2000 for the current week of the year, and the lowest weekly print for this specific week since 1973.