Bloomberg explains the drop in jobless claims, saying it was due to the start of a new quarter and an unusual number from one state.
One state accounted for most of the plunge in claims, a Labor Department spokesman said as the data were issued to the press…
Unadjusted claims typically surge at the start of a quarter as people receiving benefits reapply in order for the government to recertify their applications, the Labor Department spokesman said. The year’s increase was smaller than projected, because one large [state] showed a drop rather than an increase, the spokesman said. The breakdown by state will show up in next week’s report.
It would be hilarious if that state was Illinois.