Continuing claims 1952K versus 1900K expected
- US initial jobless claims fell sharply to 220K versus 249K expected. Last week the number came in at 261K.
- Initial claims were the lowest level since February 24, 1973 when it was 218,000
- Continuing claims rose to 1952K versus 1900K. Last week was revised to 1876K from 1867K
- The four-week moving average to 244.5k from 250.7 5K
- Claims taking procedures continue to be disrupted in the Virgin Islands. The claims taking process in Puerto Rico has still not returned to normal.
- The largest increases in initial claims for the week ending January 6 were in New York (+26,891), Georgia (+11,931), California (+11,927), Pennsylvania (+5,409), and Texas (+5,054)
- The largest decreases were in New Jersey (- 8,221), Massachusetts (-4,189), Michigan (-3,151), Ohio (-2,583), and Iowa (-2,156).
The trend recently has been more to the upside as weather and the seasonal effects worked themselves out. This week was back to the strong side for the employment trend. It may have been impacted by a pent up rebound from the most recent weakness in the series.
