Thursday, June 08, 2017

Weekly Initial Unemployment Claims decrease to 245,000

by Bill McBride on 6/08/2017 08:34:00 AM

The DOL reported:

In the week ending June 3, the advance figure for seasonally adjusted initial claims was 245,000, a decrease of 10,000 from the previous week's revised level. The previous week's level was revised up by 7,000 from 248,000 to 255,000. The 4-week moving average was 242,000, an increase of 2,250 from the previous week's revised average. The previous week's average was revised up by 1,750 from 238,000 to 239,750.
emphasis added
The previous week was revised up by 7,000.

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 242,000.

This was above the consensus forecast.

The low level of claims suggests relatively few layoffs.