Prior Consensus Actual
New Claims - Level 257 K 246 K 238 K
Week-to-week volatility has been pronounced but the trend in jobless claims is clearly favorable. Initial claims fell a very sharp 19,000 in the April 29 week to a 238,000 level that more than reverses the prior week's 14,000 jump and is 8,000 below the Econoday consensus. The 4-week average, after falling in the prior four weeks, is up only slightly to 243,000 which is nearly 10,000 below the month-ago trend in a comparison consistent with building demand for labor.
Continuing claims are also favorable, down 23,000 in lagging data for the April 22 week with this 4-week average down a sizable 18,000 to 1.989 million. The unemployment rate for insured workers (which excludes job leavers and re-entrants) is steady at a very low 1.4 percent.
There are no special factors in today's report, one that confirms strength in labor demand going into tomorrow's employment report for April.
Source: Bloomberg
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