by Calculated Risk on 10/07/2021 08:35:00 AM

The DOL reported:

In the week ending October 2, the advance figure for seasonally adjusted initial claims was 326,000, a decrease of 38,000 from the previous week's revised level. The previous week's level was revised up by 2,000 from 362,000 to 364,000. The 4-week moving average was 344,000, an increase of 3,500 from the previous week's revised average. The previous week's average was revised up by 500 from 340,000 to 340,500.
emphasis added

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 344,000.

The previous week was revised up.

Regular state continued claims decreased to 2,714,000 (SA) from 2,811,000 (SA) the previous week.

Note (released with a 2 week delay): There were an additional 647,690 receiving Pandemic Unemployment Assistance (PUA) that decreased from 1,059,248 the previous week (there are questions about these numbers). This was a special program for business owners, self-employed, independent contractors or gig workers not receiving other unemployment insurance.  And threre were an additional 630,814 receiving Pandemic Emergency Unemployment Compensation (PEUC) down from 991,813.

Weekly claims were lower than the consensus forecast.