Jobless Claims: New Lows
October 13, 2016
Bottom Line: Initial jobless claims fell to 40+ year lows last week, hitting 246k with the prior week revised down to the same level. The Department of Labor reported that there were no special factors impacting claims. The 4-week average is at 254k, below the 13-week average that is now 258k, indicating the labor market trends have firmly resumed the improving trend.
Jobless Claims were UNCHANGED during the week ended October 8th to 246k, compared with market expectations for an increase to 253k. The prior week was revised slightly lower from 249k to 246k. The 4-week average FELL by 3k to 254k and the 13 week average FELL by 1k to 258k.
Continuing Claims FELL by 16k during the week ended October 1st to 2,046k, after the prior week was revised slightly higher from 2,058k to 2,062k. The 4-week average FELL by 26k to 2,070k. On a non-seasonally adjusted basis, Continuing Claims FELL by 15k to 1,741k during the week ended September 24th.
The Insured Jobless Rate STAYED at 1.5% during the week ended October 1st. The insured jobless rate only reflects the number of people collecting regular state unemployment insurance.
Article by Contingent Macro Advisors