Jobless Claims:  Mostly Steady

Bottom Line: Jobless claims were unchanged last week with the seasonal adjustment around the Memorial Day holiday proving mostly correct. The 4-week average is at 215k, now in-line with the 13-week average. This suggests labor markets remain strong and rather tight. Jobless Claims were UNCHANGED during the week ended June 1st, 218k, compared with market expectations for a decline to 215k. The 4-week average FELL by 2.5k to 215k and the 13 week average was UNCHANGED at 215k. Continuing Claims ROSE by 20k during the week ended May 25th to 1,682k, after the prior week was revised slightly higher from 1,657k to 1,662k.The 4-week average FELL by 1k to 1,673k. On a non-seasonally adjusted basis, Continuing Claims ROSE by 3k to 1,512k during the week ended May 18th. The Insured Jobless Rate STAYED at 1.2% during the week ended May 25th. The insured jobless rate only reflects the number of people collecting regular state unemployment insurance.