Lower Than Expected Initial Jobless Claims

by: Bespoke Investment Group

Initial jobless claims for the latest week came in better than expected (363K vs. 370K) for the second straight week and also fell to their lowest level since October 5th. Given the halt to business over the the last few days in the mid-Atlantic region, though, you can expect this number to rise in the weeks ahead.

The four-week moving average for initial claims also fell slightly this week to 367.3K. This marks the 31st consecutive week that claims have not made a post-recession low, tying last year's streak from March to October. With the expected increase in claims in the coming weeks, you can expect the current streak to eclipse last year's streak.

Finally, on a non-seasonally adjusted basis (NYSE:NSA) claims fell to 339.8K, which marks the lowest level for the current week dating back to 2007. It is also below the historical average of 362.9K for the current week dating back to 2000.