Jobless Claims:Â Mostly Steady
May 30, 2019
Bottom Line: Jobless claims were little changed last week. While some seasonal volatility will come back into play with adjustments around the Memorial Day holiday, most of the major seasonal volatility is behind us for now. The trend reveals a strong and steady labor market. The 4-week average is at 217k, falling back towards the 13-week average that is now 215k. Jobless Claims ROSE by 3k during the week ended May 25th, 215k, compared with market expectations for an increase to 214k.The 4-week average FELL by 3.8k to 217k and the 13 week average FELL by 0.7k to 215k. Continuing Claims FELL by 26k during the week ended May 18th to 1,657k, after the prior week was revised slightly higher from 1,676k to 1,683k.The 4-week average FELL by 4k to 1,673k. On a non-seasonally adjusted basis, Continuing Claims FELL by 39k to 1,505k during the week ended May 11st. The Insured Jobless Rate STAYED at 1.2% during the week ended May 18th. The insured jobless rate only reflects the number of people collecting regular state unemployment insurance.
Article by Contingent Macro Advisors