Jobless Claims Beat Expectations

Weekly initial jobless claims totaled 302,000.

Expectations were for claims to total 310,000.

Continuing jobless claims totaled 2,507,000, up/down from last week’s 2,584,000.

According to the Department of Labour, the 4-week moving average of initial claims fell to its lowest level since June 2007.

“The 4-week moving average was 309,000, a decrease of 3,000 from the previous week’s revised average. This is the lowest level for this average since June 2, 2007 when it was 307,500. The previous week’s average was revised up by 500 from 311,500 to 312,000,” the report said.”

The 4-week average for continuing claims also fell to 2,559,000, the lowest level for the average since October 2007.

Last week, jobless claims came in at 304,000, but were revised up to 305,000 with the latest report.

More to come …

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