Thursday, September 29, 2016

Weekly Initial Unemployment Claims at 254,000

by Bill McBride on 9/29/2016 08:38:00 AM

The DOL reported:

In the week ending September 24, the advance figure for seasonally adjusted initial claims was 254,000, an increase of 3,000 from the previous week's revised level. The previous week's level was revised down by 1,000 from 252,000 to 251,000. The 4-week moving average was 256,000, a decrease of 2,250 from the previous week's revised average. The previous week's average was revised down by 250 from 258,500 to 258,250.

There were no special factors impacting this week's initial claims. This marks 82 consecutive weeks of initial claims below 300,000, the longest streak since 1970.
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 decreased to 256,000.

This was lower than the consensus forecast of 260,000. The low level of claims suggests relatively few layoffs.