Initial jobless claims steady
- Prior week 221K. That remained unrevised
- Initial jobless claims came in as expected at 227K. That is an increase of 6000 from the previous weeks on revised 221K
- 4 week moving average 228.25K a decrease from 233.75K last week
- Continuing claims 1.700M vs 1.700M estimate.
- +21,000 from the previous week’s revised level or 1.679M (was 1.690M previously reported)
- 4 week moving average 1.712M vs 1.717 (revised)
Surprising is that the data came in spot on the estimates. I kind of expect that the release is in error, but looking at it as reported, it is marginally worse than last week’s data. Nevertheless, the recent trend is for a stronger jobs market.