Jobless claims for the latest week fell by 1K, falling from 288K down to 287K, which was 8K below the consensus forecast of 295K. This week's lower than expected reading was the fourth straight week that claims came in lower than expected, which is the longest streak of better than expected reports since March.
With this week's better than expected report, the four-week moving average for jobless claims fell to 287.75K, which is a new low for the current recovery cycle. In fact, you have to go all the way back to one week in February 2006 to find a lower reading, and before that you have to go all the way back to June 2000.
On a non-seasonally adjusted basis (NSA), jobless claims rose by 30K to 257.7K. In spite of the increase, though, claims are still low for this time of year. As shown in the chart below, the average NSA reading for jobless claims in the first week of October is 346.9K, and you have to go back to 1999 to find a week where NSA claims in the first week of October were lower.
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