Jobless Claims: Jump Due to NY, MA
April 27, 2017
Bottom Line: Volatility continued for jobless claims, mostly due to one-off events in a few large states. Rising 14k,nationally, the jump can be attributed to a 16k jump in New York and a 4k increase in Massachusetts. Initial indications suggest this should reverse in coming weeks. The 4-week average is at 242k, still below the 13-week average that is now 246k, indicating the labor market trends are still improving modestly. Jobless Claims ROSE by 14k during the week ended April 22nd, 257k, compared with market expectations for a decline to 240k.The 4-week average FELL by 0.5k to 242k and the 13 week average ROSE by 0.4k to 246k. Continuing Claims ROSE by 10k during the week ended April 15th to 1,988k, after the prior week was revised slightly lower from 2,052k to 1,978k.The 4-week average FELL by 16k to 2,007k. On a non-seasonally adjusted basis, Continuing Claims FELL by 29k to 2,016k during the week ended April 8th. The Insured Jobless Rate STAYED at 1.4% during the week ended April 15th. The insured jobless rate only reflects the number of people collecting regular state unemployment insurance.
Article by Contingent Macro Advisors