Jobless claims drop shaply by 37K for Jan 15 week

Initial jobless claims sharply dropped for the week of Jan 15 by 37K to 404K from a revised 441K the prior week. The latest decline more than offset the prior week's 30K boost. With recent weekly volatility, the four-week average likely provides the best insight. The average is down 4K to 411,750 and is down more than 14K from a month ago in what is good signal for the monthly payroll report.

Continuing claims fell for the third week, down 26K in data for the January 8 week to 3.861 million. The four-week average is down 53K to 4.006 million. The unemployment rate for insured workers is unchanged at 3.1%.

DOL Release

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