Prior to revision, initial jobless claims fell 2,000 to 308,000 from 305,000 week-over-week (WoW), as the prior week's number was revised up by 2,000 to 307,000.
The headline (unrevised) number shows claims were lower by 1,000 WoW. Meanwhile, the 4-week rolling average of seasonally-adjusted claims fell -4,000 WoW to 304,750.
The 4-week rolling average of non-seasonally adjusted (NSA) claims (which we consider a more accurate representation of the underlying labor market trend) was -18.3% lower year-over-year, which is a sequential improvement versus the previous week's YoY change of -17.5%. In fact, it is the fastest rate of improvement seen year-to-date and is actually the fastest rate of improvement seen since the first half of 2010.
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