When it comes to weekly jobless claims reports these days, everything is relative. Therefore, after seven straight weeks where jobless claims came in below 250K and 106 straight weeks where claims were below 300K, a weekly increase of 15K is a relatively big move. In this week’s report, claims rose from 243K up to 258K. That’s 18K above the consensus estimate and the highest weekly print since January 20th.
With this week’s ‘spike’ in claims, the four-week moving average ticked up by 4K to 243.25K, which is the highest reading for this measure since 2/10.
On a non-seasonally adjusted basis, jobless claims increased by less than 3K to 225.1K. For the current week of the year, that’s below the average of 324.3K going back to 2000 and the lowest print since 1973.