Initial claims dip in the current week
- Prior week 264K revised to 265K
- Seasonally adjusted initial claims: 239,000, a decrease of 26,000 from the previous week.
- 4-week moving average for initial claims: 257,500, an increase of 1,500 from the previous week.
- Seasonally adjusted continuing claims: 1.2%, unchanged from the previous week.
- Number of seasonally adjusted continuing claims: 1,742,000, a decrease of 19,000 from the previous week. Estimate 1,765,000
- 4-week moving average for continuing claims: 1,757,500, a decrease of 13,000 from the previous week.
Stronger jobs data.
The initial jobless claims fall.
The continuing claims (see chart below) are still tilting to the downside despite the prior weeks’ moves higher in the initial claims. This suggests workers may have lost jobs but quickly reentered the workforce.
Continuing claims trend lower
This supports Powell’s concerns about the strength in the US economy.