Thursday, March 17, 2016

Weekly Initial Unemployment Claims increase to 265,000

by Bill McBride on 3/17/2016 08:36:00 AM

The DOL reported:

In the week ending March 12, the advance figure for seasonally adjusted initial claims was 265,000, an increase of 7,000 from the previous week's revised level. The previous week's level was revised down by 1,000 from 259,000 to 258,000. The 4-week moving average was 268,000, an increase of 750 from the previous week's revised average. The previous week's average was revised down by 250 from 267,500 to 267,250.

There were no special factors impacting this week's initial claims. This marks 54 consecutive weeks of initial claims below 300,000, the longest streak since 1973.
The previous week was revised down.

The following graph shows the 4-week moving average of weekly claims since 1971.

Click on graph for larger image.

The dashed line on the graph is the current 4-week average. The four-week average of weekly unemployment claims increased to 268,000.

This was below the consensus forecast of 270,000. The low level of the 4-week average suggests few layoffs.