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Jobless Claims Better Than Expected Again

Jobless claims for the latest week came in better than expected for the second straight week, partly reversing the recent trend of four straight weeks where weekly claims were higher than expected. While economists were forecasting claims to come in at a level of 290K, the actual reading came in at 278K. This week's reading was an uptick of 11K from last week, but considering the fact that last week's reading was the lowest reading of the expansion, that is not a very big deal.

Even after this week's increase in claims, the four-week moving average dropped by 6.5K down to 292.75K. This is because last week's weekly reading was such a large decline, so we are still dropping much larger numbers from the four-week count. In fact, unless weekly claims rise above 317K next week, the four-week moving average will drop once again.

On a non-seasonally adjusted basis (NSA),… Read More …