Initial jobless claims fell another 8,000 to a seasonally adjusted 196,000 for the week ending April 6, the lowest level since October 4, 1969. During that week, weekly jobless claims came in at 193,000.
The 4-week moving average fell by 7,000 to 207,000, the lowest level for the average since December 6, 1969 when it was 204,500.
The consensus forecast for the week was looking for a gain to 211,000. Last week, weekly jobless claims fell to the lowest level since December 6, 1969.
|New Claims – Level||202K||204K||211K||210K – 215K||196K|
|4-week Moving Average – Level||213.50K||214.00K||207.00K|
|New Claims – Change||-10K||-8K||-8K|
That level had been cited as the benchmark low in previous reports under this administration–here, here and here–but it was the first time it mirrored 202,000. Now, it has fallen below it, indicating a very strong labor market.
The advance seasonally adjusted insured unemployment rate was unchanged at a very historically low 1.2% for the week ending March 30.
The advance number for seasonally adjusted insured unemployment during the week ending March 30 fell 13,000 to 1,713,000. The 4-week moving average was 1,734,500, a decrease of 11,000 from the previous week’s revised average.
No state was triggered “on” the Extended Benefits program during the week ending March 23.
The highest insured unemployment rates in the week ending March 23 were in Alaska (2.8), New Jersey (2.5), Connecticut (2.4), Rhode Island (2.4), California (2.2), Massachusetts (2.2), Montana (2.2), Illinois (2.0), Minnesota (2.0), and Pennsylvania (2.0).
The largest increases in initial claims for the week ending March 30 were in Illinois (+1,297), Arizona (+338), New York (+325), Oregon (+311), and Wisconsin (+262), while the largest decreases were in Texas (-2,055) Pennsylvania (-1,377), California (-1,304), Arkansas (-1,044), Missouri (-591), and New Jersey (-591).