Thursday, March 31, 2016

Weekly Initial Unemployment Claims increase to 276,000

by Bill McBride on 3/31/2016 08:34:00 AM

The DOL reported:

In the week ending March 26, the advance figure for seasonally adjusted initial claims was 276,000, an increase of 11,000 from the previous week's unrevised level of 265,000. The 4-week moving average was 263,250, an increase of 3,500 from the previous week's unrevised average of 259,750.

There were no special factors impacting this week's initial claims. This marks 56 consecutive weeks of initial claims below 300,000, the longest streak since 1973.
The previous week was unrevised.

Note: 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 263,250.

This was above the consensus forecast of 266,000. The low level of the 4-week average suggests few layoffs.