Jobless Claims: New Claims Increase Modestly

Bottom Line: Initial claims climbed modestly, less than expectations. Moreover, the prior week estimate was revised lower. The 4-week average is at 260k, below the 13-week average that is now 270k, indicating the labor market trends are improving modestly. The continuing claims fell slightly and remained on their 6-year long declining trend. Jobless Claims ROSE by 6k during the week ended March 19th to 265k, compared with market expectations for an increase to 269k. The prior week was revised slightly lower from 265k to 259k. The 4-week average was unchanged at 260k and the 13 week average was unchanged at 270k. 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 39k during the week ended March 12th to 2,179k, after the prior week was revised slightly lower from 2,235k to 2,218k. The 4-week average FELL by 14k to 2,207k. Continuing claims have also been on a declining trend for more than 5 years. On a non-seasonally adjusted basis, Continuing Claims FELL by 65k to 2,491k during the week ended March 5th. Continuing claims have been declining amid modest volatility for the past six years. The Insured Jobless Rate STAYED at 1.6% during the week ended March 12th. The insured jobless rate only reflects the number of people collecting regular state unemployment insurance.