First Time Jobless Claims Rise 9K, Still Below Expectations

Unemployment claims continue to point to very strong demand for labor. Initial claims did rise 9,000 in the April 23 week but the 257,000 level is still below expectations and among the very lowest on record. The 4-week average, at 256,000, is the lowest in 42 years, down 4,750 in the week and about 10,000 lower than the month-ago trend.

Continuing claims, in lagging data for the April 16 week, fell 5,000 to 2.130 million which is the lowest in 16 years. The 4-week average is down 10,000 to 2.158 million with the unemployment rate for insured workers unchanged at a very low 1.6 percent. The April 16 week was the sample week for the April monthly employment report and a comparison with the sample week for the March report, like a similar comparison with initial claims, shows further improvement and hints at increased strength in April. There are no special factors in today's report.

Recent History Of This Indicator:
Initial jobless claims moved lower in the first two weeks of April, to 247,000 in the April 16 week for an historic low and a positive indication on April employment. Initial claims for the April 23 week are expected to bounce higher, up 13,000 to 260,000. Data for continuing claims in this report will track the April 16 week and offer their own sample-week comparison with the coming April employment report.