Jobless claims fell this week but still came in higher than expected. While economists were expecting claims to fall to 335K from last week's level of 373K, the actual decline was just 15K to 358K. Thanks to the government shutdown, the one bright spot in the cycle of economic data is now negative.
Although claims actually fell this week, the four-week moving average still increased, rising from 324.8K to 336.5K. The last time the four-week moving average was this high was in July.
On a non-seasonally adjusted basis (NSA), jobless claims rose by nearly 21K to 357K from last week's reading of 336.1K. While this is still below the historical average for the current week of the year (368.9K) since 2000, we haven't been this close to the average in quite some time.
Thanks again, DC!
This article was originally published by Bespoke Investment Group.
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