by Calculated Risk on 4/21/2016 08:35:00 AM

The DOL reported:

In the week ending April 16, the advance figure for seasonally adjusted initial claims was 247,000, a decrease of 6,000 from the previous week's unrevised level of 253,000. This is the lowest level for initial claims since November 24, 1973 when it was 233,000. The 4-week moving average was 260,500, a decrease of 4,500 from the previous week's unrevised average of 265,000.

There were no special factors impacting this week's initial claims. This marks 59 consecutive weeks of initial claims below 300,000, the longest streak since 1973.

The previous week was unrevised.

Note: The following graph shows the 4-week moving average of weekly claims since 1971.

Click on graph for larger image.


The dashed line on the graph is the current 4-week average. The four-week average of weekly unemployment claims decreased to 260,500.

This was well below the consensus forecast of 265,000. The low level of the 4-week average suggests few layoffs.