Jobless Claims: Right Direction

Takeaway: Jobless claims are still moving in the right direction.

Prior to revision, US initial jobless claims rose 17,000 to 309,000 from 292,000 week-over-week (WoW), as the prior week's number was revised up by 2,000 to 294,000.

The headline (unrevised) number shows claims were higher by 15,000 WoW. Meanwhile, the 4-week rolling average of seasonally-adjusted claims fell -7,000 WoW to 314,500.

The 4-week rolling average of Non Seasonally Adjusted claims (NSA), which we consider a more accurate representation of the underlying labor market trend, was -16.3% lower year-over-year, which is a sequential improvement versus the previous week's year-over-year change of -14.3%.

Bottom line is jobless claims are still moving in the right direction.

Jobless Claims: Right Direction - stein2

Jobless Claims: Right Direction - stein3