- Reuters/Jason Reed
Initial jobless claims fell more than expected.
Claims dropped to 268,000, down from last week’s unrevised 278,000.
Economists were expecting claims to trickled down slightly to 275,000.
Claims have now been below the threshold of 300,000 for 64 straight weeks – the longest streak since 1973.
The 4-week moving average was 278,500, an increase of 2,750 from the previous week’s unrevised average of 275,750.
“Claims shot up to the highest level since February 28th 2015 two weeks ago, but the lower prints of the past two weeks offer encouragement that the series has returned back to trend. Five weeks ago, claims came in at 248K which is the lowest weekly claims level since November 24th, 1973, so there has been considerable volatility recently,” wrote Jefferies’ Thomas Simons in a note to clients after the data crossed.
“This type of volatility is not unusual this time of year due to the floating Easter holiday and the changing scheduling of school breaks, among other reasons.”