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Initial Claims In Line, Continuing Claims Extend Surprising Decline

US DATA
  • Initial claims in line at 248k (cons 245k) after a downward revised 236k (initial 239k) the week prior.
  • The four-week average dips 4k to 253k, but only to the lowest since Jun 9 after three single week prints above 260k.
  • There doesn’t look anything untoward in seasonal adjustment process at first glance, with the tick up to a NSA 251k in line with typical non-pandemic years.
  • Continuing claims continue their steady decline though, at 1720k (cons 1734k) after a downward revised 1733k (cons 1742k). They approach their 2019 average of 1699k.

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