Initial jobless claims not only beat expectations but they had the best week since the pandemic started, according to the latest data from the Department of Labor…(DOL)
- Initial claims fell to 293,000, a decrease of 36,000 from the previous week’s revised level. This is the lowest level for initial claims since March 14, 2020 when it was 256,000.
- The 4-week moving average was 334,250, a decrease of 10,500 from the previous week’s revised average. This is the lowest level for this average since March 14, 2020
BEAT THE STREET: Economists had projected initial claims would only fall to 319,000
Continuing claims also beat expectations and fell to the lowest level since the pandemic started for the week ending October 2nd…
- Continuing claims were 2,593,000, a decrease of 134,000 from the previous week’s revised level. This is the lowest level for insured unemployment since March 14, 2020.
- The 4-week moving average was 2,737,750, a decrease of 30,500 from the previous week’s revised average. This is the lowest level for this average since March 21, 2020.
BEAT THE STREET: Economists had projected continuing claims would only fall to 2.6M
This is quite the welcome sight after last week’s disappointing jobs report. It’s hard to tell if this possibly a lag from the ending of extended benefits or a response to a massive drop in COVID cases?