Initial Jobless Claims Fall

Initial jobless claims fell to 307,000 last week from a revised level of 317,000 the prior week.

This was higher than expected, however.

Expectations were for claims to total 300,000, down from last week’s 316,000. Last week’s report showed an unexpected increase in claims, as last claims topped 300,000 for just the second time since September.

The four week moving average of claims also ticked higher, to 306,5000, and the Department of Labour said in its release there were no special factors impacting claims.

Ian Shepherdson at Pantheon Macro said in a note following the report that seasonal adjustments are likely still impacting the number and said the trend is likely near 290,000.

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