Initial Jobless Claims Rise

Initial jobless claims rose slightly to 290,000 last week.

Expectations were for the report to show claims rise slightly, to 280,000 from 278,000 a week ago.

Last week’s number wasn’t revised.

The four-week moving average of claims also rose, to 285,000 from 279,000 last week.

Last week’s report also showed the four-week moving average of initial claims fell to 279,000, its lowest level since April 2000.

Despite the increases in both initial claims and four-week moving average of claims, jobless claims still remain at multi-year lows.

Following the report, Ian Shepherdson at Pantheon Macro wrote that, “we see no reason to expect the trend in claims to start moving higher anytime soon; absent a shove from tighter policy, claims can remain close to their current trend for an extended period.”

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