Jobless claims for the latest week came in right in line with expectations as first time claims fell to 275K from last week’s revised reading of 281K. Jobless claims have been trending slightly higher in the last eight weeks from their expansionary low of 255K in mid-July, but still remain below their average weekly level of 282K for 2015.
Although the weekly reading declined this week, the four-week moving average increased slightly from 275.25K up to 275.75K. That is still within 10K of the low of 266K we saw back in early August.
On a non-seasonally adjusted basis (NSA), jobless claims rose less than 2K from last week’s reading of 230.1K. This is more than 65K below the average reading for the current week of the year dating back to 2000. However, unlike most weeks where we have grown accustomed to seeing the NSA show its lowest comparable week reading since 2000, for the current week of the year we actually saw a lower NSA reading two years ago.