After last week's big increase, initial jobless claims reversed lower this week falling to their lowest level since 5/3. While economists were expecting claims to fall to 345K, the actual level fell from 358K down to 334K. That decline of 24K was the largest weekly decline since April 5th. It is important to remember, though, that just as last week's poor report may have been skewed by the July 4th holiday, this week's report may also have a little noise in the numbers.
Click to enlargeOn a non-seasonally adjusted basis (NSA), jobless claims rose by 25.3K up to 408.7K. This is the lowest reading for the current week of the year since 2007, and more than 65K below the historical average of 474K going back to 2000.