Jobless claims rose less than expected this week, coming in at a level of 257K versus consensus estimates of 259K. It has now been 60 weeks since we last saw weekly claims come in above 300K.
Even though the weekly claims reading rose by 9K, the four-week moving average actually fell to another multi-decade low of 256K. That’s the lowest level since December 1973!
Finally, on a non-seasonally adjusted (NSA) basis, jobless claims increased by 2.8K. That’s the lowest reading for the current week of the year since 2000 and more than 100K below the average for the current week of the year since 2000.
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