After five straight weeks without an increase, weekly jobless claims increased by 13K to 277K from last week’s level of 264K. This morning’s reading was 7K above consensus expectations of 270K. The streak of sub-300K readings continues unabated, though, at 67 weeks. You have to go all the way back to 1973 to find a streak of sub-300K readings that was longer.
In spite of this week’s increase in claims, the four-week moving average actually saw a slight decline falling from 269.5K down to 269.25K. This is 13.25K above the cycle low of 256K that we saw eight weeks ago on 4/22/16.
On a non-seasonally adjusted (NSA) basis, jobless claims increased by 33.8K up to 266.7K from 232.9K. For the current week of the year, this is 88K below the average since 2000, but higher than last year’s level of 258.8K.