Jobless Claims: Drop to Lows Seen in April
October 6, 2016
Bottom Line: Initial jobless claims fell to 249k, just 1k above the lows see in April. 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 259k, indicating the labor market trends are improving again after moving sideways for most of the summer months. Jobless Claims FELL by 5k during the week ended October 1st to 249k, compared with market expectations for an increase to 256k. The prior week was revised slightly lower from 254k to 251k. The 4-week average FELL by 3k to 254k and the 13 week average FELL to 259k. Continuing Claims FELL by 6k during the week ended September 24th to 2,058k, after the prior week was revised slightly higher from 2,062k to 2,064k. The 4-week average FELL by 21k to 2,095k. Continuing claims have also been on a declining trend for more than 6 years. On a non-seasonally adjusted basis, Continuing Claims FELL by 15k to 1,741k during the week ended September 17th. The Insured Jobless Rate STAYED at 1.5% during the week ended September 24th. The insured jobless rate only reflects the number of people collecting regular state unemployment insurance.
Article by Contingent Macro Advisors