·
Last week, initial claims for unemployment insurance fell 12,000 to 323,000
from a little revised 335,000 the prior week. The Consensus expectation
had been for 335,000 claims.
· The four week moving average of initial claims fell to 332,000 (-9.7% y/y), the lowest level since November 2000.
· During the last ten years there has been a (negative) 82% correlation between the level of initial claims and the y/y change in payroll employment.
· Continuing claims for unemployment insurance fell 29,000 following a downwardly revised 24,000 drop the prior week.
· The insured rate of unemployment remained at 2.2% for the seventh week.