by Calculated Risk on 5/11/2023 08:32:00 AM

The DOL reported:

In the week ending May 6, the advance figure for seasonally adjusted initial claims was 264,000, an increase of 22,000 from the previous week's unrevised level of 242,000. This is the highest level for initial claims since October 30, 2021 when it was 264,000. The 4-week moving average was 245,250, an increase of 6,000 from the previous week's unrevised average of 239,250. This is the highest level for this average since November 20, 2021 when it was 249,250.
emphasis added

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 245,250.

The previous week was unrevised.

Weekly claims were above the consensus forecast.