Jobless claims for the latest week fell by 8K, falling from 284K down to 276K. This represents the 13th straight week where claims were below 300K, which is the longest streak since May 2000.
Although weekly claims fell this week, the four-week moving average actually increased, rising from 272K up to 274.75K. As we noted last week, since we were dropping some low numbers from the four-week count, we were going to need a big drop in order to get the four-week moving average to fall. Next week, we will be dropping another low reading from the count too, so don’t expect to see any headlines next week regarding a new low in the four-week moving average.
On a non-seasonally adjusted basis (NSA), jobless claims were very impressive. For the current week of the year, this week’s level of 230.1K was the lowest since 1974. That’s 41 years!