Thursday, September 01, 2016

Weekly Initial Unemployment Claims increased to 263,000

by Bill McBride on 9/01/2016 08:33:00 AM

The DOL reported:

In the week ending August 27, the advance figure for seasonally adjusted initial claims was 263,000, an increase of 2,000 from the previous week's unrevised level of 261,000. The 4-week moving average was 263,000, a decrease of 1,000 from the previous week's unrevised average of 264,000.

There were no special factors impacting this week's initial claims. This marks 78 consecutive weeks of initial claims below 300,000, the longest streak since 1970.
The previous week was unrevised.

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 263,000.

This was lower than the consensus forecast of 265,000. The low level of claims suggests relatively few layoffs.