After a large decline last week, jobless claims edged higher this week, but increased less than expected. While economists were forecasting claims to come in at a level of 268K, the actual reading came in at 265K. Really not much of a move either way, but the bigger picture theme for jobless claims remains intact, and that is that they are still exceptionally low relative to history. As a case in point, claims have now been below 300K for 54 weeks. That’s the longest streak of below 300K reading since 1973.
This week’s four-week moving average edged slightly higher, rising from 267.25K up to 268K. Once again, not much of a move here.
On a non-seasonally adjusted (NSA) basis, claims dropped by a little over 10K falling to 237.2K. For the current week of the year, that’s the lowest reading since 1973, and it is more than 100K below the average of 344K for the current week of the year since 2000.