- Pantheon Macroeconomics
Initial jobless claims fell to 267,000 last week, according to the Department of Labor.
Economists had estimated that claims fell to 270,000 last week from 276,000 in the prior period, according to Bloomberg.
First-time filings for unemployment insurance have not topped 300,000 for 57 weeks, the longest streak since 1973.
“The claims numbers right now and for the next few weeks are subject to greater swings than usual, thanks to the difficulty of adjusting the numbers to take account of the changing date of the Easter holiday each year,” wrote Pantheon Macroeconomics’ Ian Shepherdson in a note.
“When the dust settles, we expect to see the underlying trend stable at about 270-to-275K, consistent with continued 200k-plus payroll gains. Nothing in these data suggest that the softness apparent in the Q1 activity data is a warning of sustained weakness ahead.”
The four-week moving average, which evens out some of the week-by-week shakiness of the claims number, rose by 3,500 to 266,750.