by Calculated Risk on 10/10/2024 08:41:00 AM

The DOL reported:

In the week ending October 5, the advance figure for seasonally adjusted initial claims was 258,000, an increase of 33,000 from the previous week's unrevised level of 225,000. This is the highest level for initial claims since August 5, 2023 when it was 258,000. The 4-week moving average was 231,000, an increase of 6,750 from the previous week's unrevised average of 224,250.
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 231,000.

The previous week was unrevised.

Weekly claims were above the consensus forecast. 

The increase this week is partially hurricane related, for example North Carolina had a sharp increase in initial claims from 2,941 the prior week to 11,475 in the week ending Oct 5th.