Initial jobless claims came in slightly lower than expected this week (367K vs. 369K) making it the second straight week of lower than expected claims and the second straight week back in the 360K range. The fact that claims seem to be down from their highs in mid-April helps to reverse some of the negative sentiment generated from last week's weak jobs report.
The four week moving average for initial claims also declined this week for the first time since March and now stands at 379K.
While seasonally adjusted claims dropped this week, non-seasonally adjusted claims rose by 5K to 338.4K. This is the lowest reading for this time of year since 2008 and below the average since 2000 of 355K for the current week.
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