Jobless Claims: Rise In Early Nov, But 4-Week Average Hits Record Low

Bottom Line: Initial claims climbed moderately and are at their highest level since the first week of October. Claims in Michigan jumped nearly 4k, but for the most part, the increase looked broad-based and to be the result of normal seasonal volatility. The 4-week average is at 231k, a record low and well below the 13-week average that is now 249k. This suggests that labor markets are continuing to improve. Jobless Claims ROSE by 10k during the week ended November 4th, 239k, compared with market expectations for an increase to 232k.The 4-week average FELL by 1.3k to 231k and the 13 week average FELL by 0.4k to 249k. Continuing Claims ROSE by 17k during the week ended October 28th to 1,901k, after the prior week was revised slightly higher from 1,884k to 1,899k.The 4-week average FELL by 1k to 1,895k. On a non-seasonally adjusted basis, Continuing Claims ROSE by 20k to 1,627k during the week ended October 21st. The Insured Jobless Rate ROSE by 0.1% to 1.4% during the week ended October 28th. The insured jobless rate only reflects the number of people collecting regular state unemployment insurance.