Thursday, May 17, 2018

Weekly Initial Unemployment Claims increase to 222,000, 4-week average lowest since 1969

by Bill McBride on 5/17/2018 08:33:00 AM

The DOL reported:

In the week ending May 12, the advance figure for seasonally adjusted initial claims was 222,000, an increase of 11,000 from the previous week's unrevised level of 211,000. The 4-week moving average was 213,250, a decrease of 2,750 from the previous week's unrevised average of 216,000. This is the lowest level for this average since December 13, 1969 when it was 210,750.

Claims taking procedures in Puerto Rico and in the Virgin Islands have still not returned to normal.
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 decreased to 213,250.

This was higher than the consensus forecast. The low level of claims suggest few layoffs.