First Time Jobless Claims At 43 Year Low

Unemployment claims remain at or near historic lows, indicating a lack of layoffs and quick turnaround for those who do lose their jobs. Initial claims came in near the low end of expectations in the October 8 week, at 246,000 with the 4-week average at 249,250. Both of these averages are down roughly 10,000 from a month-ago, comparisons that offer early indications of strength for the October employment report. Continuing claims are trending roughly 100,000 below a month ago, at 2.046 million and a 16,000 decline in the latest data which are for the October 1 week. Hurricane Matthew had only limited impact on initial claims with only one state, Virginia, having to be estimated. Records of note in this report is a 43-year low for the weekly level of initial claims and an 8th straight decline for the 4-week average which is also at a 43-year low.

Recent History Of This Indicator:
Initial jobless claims have been tracking at historic lows and pointing to healthy conditions in the labor market. Continuing claims have likewise been very low. Forecasters see initial claims rising but only slightly in the October 8 week, up 5,000 to a consensus 254,000 from the prior week's 249,000. A special factor will be Hurricane Matthew which struck the lower East Coast during the reporting week.