The Department of Labour just published its latest tally of initial unemployment insurance claims.
Claims climbed to just 304,000, which was below the 315,000 forecasted by economists.
Last week’s number was revised up to 302,000 from 300,000.
“There were no special factors impacting this week’s initial claims,” said the DoL.
This all brings the four-week moving average down to 312,000 from 316,750..
“This is the lowest level for this average since October 6, 2007 when it was 302,000,” they noted.
“The lower claims reading during the April nonfarm payroll survey week suggests that labour markets should continue to strengthen during the month, with last month’s survey period claims reading coming in at a much higher 330K,” said TD Securities Gennadiy Goldberg. “A similarly important development is this week’s 4 week moving average hitting a cycle low of 312K, suggesting sustained improvement in labour market dynamics and hinting at an April nonfarm payroll reading in the 175K-225K region.
Continuing claims slipped to 2.739 million from 2.750 million a week ago.
“We continue to note that the ongoing improvement in continuing claims remains encouraging amid more positive labour market dynamics, suggesting that workers are not simply leaving the labour force but likely finding gainful employment,” said Goldberg.