This week’s jobless claims report was pretty uneventful, with the reported number coming in at 268K (1K above consensus estimates), representing an increase of 10K from last week. While the actual move in claims was minimal, it did represent the 69th straight week that claims were below 300K. That’s the longest streak since 1973, and if we go another five weeks below 300K it will be the longest streak since 1970.
Due to the fact that this week’s reading was the same as the level we dropped from five weeks ago, the four-week moving average remained unchanged at 266.75K. This is just over 10K above the cycle low of 256K from ten weeks ago.
On a non-seasonally adjusted (NSA) basis, claims increased by 13K up to 261.6K. For the current week of the year, this is the lowest reading in NSA claims since 1973 and 90K below the average for the current week of the year dating back to 2000.