Jobless Claims: New Claims Decline Moderately

Bottom Line: Initial claims declined moderately and are at their lowest level in the past 5 weeks. The 4-week average is at 265k, below the 13-week average that is now 267k, indicating the labor market trends are improving modestly. The continuing claims fell slightly and remained on their 6-year long declining trend. Jobless Claims FELL by 13k during the week ended April 9th to 253k, compared with market expectations for an increase to 270k. The prior week was revised slightly lower from 267k to 266k. The 4-week average FELL by 2k to 265k and the 13 week average FELL by 2k to 267k. 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 18k during the week ended April 2nd to 2,171k, after the prior week was revised slightly lower from 2,191k to 2,189k. The 4-week average FELL by 10k to 2,178k. Continuing claims have also been on a declining trend for more than 5 years. On a non-seasonally adjusted basis, Continuing Claims FELL by 101k to 2,275k during the week ended March 26th. 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 April 2nd. The insured jobless rate only reflects the number of people collecting regular state unemployment insurance.