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After an unexpected jump last week, jobless claims pulled back slightly this week, falling to 265K which was right inline with expectations. In a streak in length rivaling the one where bullish sentiment has been below 50% for 104 straight weeks, jobless claims have now printed sub-300K for the 95th straight week. That’s the longest streak since 1970!
With this week’s drop, the four-week moving average saw a slight decline falling from 263.75K down to 263K. That’s 13.5K above the cycle low of 249.5K back in early October.
On a non-seasonally adjusted (NSA) basis, jobless claims increased from 315.1K up to 340K. For the current week of the year, that’s more than 130K below the average since 2000 and the lowest reading for the current week of the year since 1970.