Jobless Claims: Another decline after hitting 4-week low
August 25, 2016
Bottom Line: Initial claims declined slightly, versus expectations for a slight increase, and are at their lowest level since mid-July. The 4-week average is at 264k, above the 13-week average that is now 263k, indicating the labor market trends are still improving modestly but losing momentum.
Jobless Claims FELL by 1k during the week ended August 20th to 261k, compared with market expectations for a decline to 265k. The prior week was revised slightly higher from 266k to 267k. The 4-week average FELL by 1k to 264k and the 13 week average FELL by 1k to 263k. Initial claims have been on a declining trend over the past 6 years but the pace of decline has now slowed.
Continuing Claims FELL by 30k during the week ended August 13th to 2,145k, after the prior week was revised slightly higher from 2,155k to 2,160k. The 4-week average was UNCHANGED at 2,155k. continuing claims have also been on a declining trend for more than 6 years. On a non-seasonally adjusted basis, Continuing Claims FELL by 23k to 2,061k during the week ended August 6th.
The Insured Jobless Rate STAYED at 1.6% during the week ended August 13th. The insured jobless rate only reflects the number of people collecting regular state unemployment insurance.
Article by contingentmacro