Jobless claims for the latest week came in at 271K versus last week’s level of 276K. Economists had been expecting claims to come in at 270K, so the report was pretty much spot on relative to expectations.
Although this week’s reading declined, the four-week moving average ticked higher, rising from 267.75K up to 270.75K. This is the highest reading since mid-September and a little over 11K above the multi-decade low of 259.25K from 10/9. Looking ahead to next week, barring a decline of 10K or more in the weekly figure, the four-week moving average is on pace to increase again.
On a non-seasonally adjusted (NSA) basis, jobless claims fell by 27.7K down to 263.4K. This is the lowest NSA reading for the current week of the year since 1999 and more than 90K below the average of 355K for the current week of the year going back to 2000.