Jobless claims for the latest week came in at 231K, which was slightly higher than the consensus expectation of 225K. Even at that level, though, claims remain at ridiculously low levels relative to history. This week’s reading not only represents a record 174 straight weeks where claims have been below 300K, but also the 39th straight week where claims have been at 250K or below.
With two weeks in a row of higher claims readings, the four-week moving average is also drifting more and more from its multi-decade low of 213.5K from back in early May. At the current level of 224.5K, we wouldn’t expect to see this reading anywhere near a new low in the next several weeks.
On a non-seasonally adjusted (NSA) basis, jobless claims ticked up to 231.1K from last week’s reading of 222.8K. Even with that increase, though, claims are more than 113K below the average of where they have been for this particular week of the year since 2000. In fact, the last time claims were lower in the current week of the year was back in 1973.