Weekly jobless claims came in lower than expected again this week, falling by 1K from 265K down to 264K versus expectations for an increase to 273K. While this week’s reading was not a new post-recession low, it was the third straight week where claims have been below 270K. That hasn’t happened since April 2000.
With three straight sub 270K readings, the four-week moving average dropped again, falling from 279.5K down to 271.75K. This is also the lowest reading for the four-week moving average since April 2000. Next week, we will also be dropping a reading of 296K from the four-week count, so barring a big weekly increase, look for the four-week moving average to drop below 270K.
On a non-seasonally adjusted basis (NSA), jobless claims saw a slight increase, rising to 242.6K from 236.4K. For the current week of the year, this is the lowest reading since at least 2000 and well below the historical average of 334K dating back to 2000.