Jobless Claims Beat Estimates on Jobs Week

The optimism continues this jobs weeks as initial jobless claims beat expectations, according to the Department of Labor’s weekly report…(DOL)

  • Initial claims were 326,000 for the week ending October 2nd, a drop of 38,000 and better than economists had expected (348k).
  • The 4-week moving average was 344,000, an increase of 3,500 from the previous week’s revised average

Continuing claims also beat expectations for the week wending September 25th…

  • Continuing claims were 2,714,000, a drop of 97,000 and better than the 2.78M economists had predicted.
  • The 4-week moving average hit a pandemic low as claims fell to 2,765,000 a decrease of 34,500 from the previous week’s revised average. This is the lowest level for this average since March 21, 202.

California continues to lead the way with the biggest week-over-week increase in initial claims with 9,907 for the week ending September 25th. Michigan came in at number two with an increase of 6,115 followed by Texas (+4,625), District of Columbia (+2,223), and Minnesota (+2,002)

  • Virginia saw the biggest decrease in initial claims with a drop of 7,245 followed by Maryland (-5,617), Arizona (-4,241), Louisiana (-3,160), and Ohio (-2,853).

ADP and initial claims have both done their job this week. All eyes turn to the monthly payroll report tomorrow to see if it can help us hit for the cycle…