by Calculated Risk on 7/13/2017 08:33:00 AM

The DOL reported:

In the week ending July 8, the advance figure for seasonally adjusted initial claims was 247,000, a decrease of 3,000 from the previous week's revised level. The previous week's level was revised up by 2,000 from 248,000 to 250,000. The 4-week moving average was 245,750, an increase of 2,250 from the previous week's revised average. The previous week's average was revised up by 500 from 243,000 to 243,500.
emphasis added

The previous week was revised up.

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 increased to 245,750.

This was higher than the consensus forecast.

The low level of claims suggests relatively few layoffs.