Weekly unemployment claims lower, a good sign but much more needed

Jobless claims held onto the good news from the previous week, rising only 2K to a lower-than-expected level of 439K.  Last week was revised higher by 2K to 437K. The four-week average, at 443K and down more than 15,000 from a month ago, is signaling solid improvement for November payrolls.

Remember that although this is good news, the magic number is 150K.  150K job losses is a low enough number where the new job finders outnumber the job losers.  150K is a sign that the unemployment rate is coming down.  We can see on the graph that this is a slow steady reduction in unemployment claims.  This will not start to bring down unemployment numbers for at least a year at this pace. 

The advance number for seasonally adjusted insured unemployment during the week ending Nov. 6 was 4,295,000, a decrease of 48,000 from the preceding week's revised level of 4,343,000. The 4-week moving average was 4,353,250, a decrease of 45,500 from the preceding week's revised average of 4,398,750.

Source Bloomberg


Dep't of Labor release
Forbes: Jobless claims rise


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