Thursday, December 22, 2016

Weekly Initial Unemployment Claims increase to 275,000

by Bill McBride on 12/22/2016 08:33:00 AM

The DOL reported:

In the week ending December 17, the advance figure for seasonally adjusted initial claims was 275,000, an increase of 21,000 from the previous week's unrevised level of 254,000. The 4-week moving average was 263,750, an increase of 6,000 from the previous week's unrevised average of 257,750.

There were no special factors impacting this week's initial claims. This marks 94 consecutive weeks of initial claims below 300,000, the longest streak since 1970.
emphasis added
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 increased to 263,750.

This was above the consensus forecast. The low level of claims suggests relatively few layoffs.