by Calculated Risk on 8/03/2017 08:33:00 AM

The DOL reported:

In the week ending July 29, the advance figure for seasonally adjusted initial claims was 240,000, a decrease of 5,000 from the previous week's revised level. The previous week's level was revised up by 1,000 from 244,000 to 245,000. The 4-week moving average was 241,750, a decrease of 2,500 from the previous week's revised average. The previous week's average was revised up by 250 from 244,000 to 244,250.
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 decreased to 241,750.

This was lower than the consensus forecast.

The low level of claims suggests relatively few layoffs.