by Calculated Risk on 10/13/2011 08:38:00 AM

The DOL reports:

In the week ending October 8, the advance figure for seasonally adjusted initial claims was 404,000, a decrease of 1,000 from the previous week's revised figure of 405,000 [revised up from 401,000]. The 4-week moving average was 408,000, a decrease of 7,000 from the previous week's revised average of 415,000.

The following graph shows the 4-week moving average of weekly claims since January 2000 (there is a longer term graph in graph gallery).

Click on graph for larger image in graph gallery.

The dashed line on the graph is the current 4-week average. The four-week average of weekly unemployment claims declined this week to 408,000.

This is the lowest level for the 4-week average of weekly claims since August, and this was at the consensus forecast. This is still elevated, but the decline in the 4-week average is a positive.