February 15, 2024 13:47 GMT
Jobless Claims Below Consensus; 4-wk Avg In Line With 2019 Avg
US DATA
- Initial jobless claims recorded a seasonally adjusted 212k (cons 220k) in the week to Feb 10. Prior week's data saw a minor upward revision to 220k from 218k prior.
- The four-week average pushes 6k higher to 219k, the fourth consecutive weekly increase from the latest low of 203k on Jan 19. This sees the 4-week average move broadly in-line with the 2019 average (218k).
- The -13k fall in the NSA data to 222k follows last week's -29k move lower. 2024's NSA data continues to trend at a lower-than-typical level for this time of year.
- Continuing claims were higher than expected at 1895k (cons 1880k), offset somewhat by last week's downwardly revised 1865k (1871k prior).
- NSA continuing claims rose +17k on the week to 2147k, after last week's was revised -7k lower to 2130k. 2024's NSA continuing claims continue to track above 2022 and 2023 equivalent levels even if they’re still at the low end of pre-pandemic ranges.
- Overall, the release contains few surprises, with no clear signs of stress/deteriorating in the labour market.
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