·
Initial claims for unemployment insurance unexpectedly fell by 5,000 to
326,000 last week following a downwardly revised 15,000 rise the week
prior. Consensus expectations had been for 335,000 claims.
· The four week moving average of initial claims fell to 333,500 (-7.9% y/y).
· 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 jumped 29,000 but have drifted sideways for the last several weeks.
· The insured rate of unemployment remained at 2.2%, where it's been since early October.
· "The Economy Gets Back on Track but Once Again Leaves Many Workers Behind" from the Federal Reserve Bank of St. Louis is available here.