Jobless claims missed, coming in at 326,000.
Consensus was for an increase to 310,000, from a revised 298,000 prior.
But, continuing claims fell to 2.653 million, beating expectations for 2.675 million and down from a revised 2.666 million.
Pantheon’s Ian Shepherdson says the broader trend continues to move in the right direction:
This is superficially disappointing but the seasonal adjustment for last week’s very low number was always a bit suspect. Taking the two weeks together, though, claims have averaged 314K, well below the pre-Easter trend. The eight-week moving average – our preferred measure of the trend – nudged up a touch but at 319.8K it has dropped significantly from 328.5K at the end of the first quarter, and 339.9K at the end of the fourth.
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