Jobless claims far surpassed expectations for the week with initial claims falling to a 53-year low, according to the Department of Labor’s weekly report…(DOL)
- The advance figure for seasonally adjusted initial claims was 187,000, a decrease of 28,000 from the previous week’s revised level. This is the lowest level for initial claims since September 6, 1969.
- Economists had projected a much smaller drop to 212,000 claims for the week ending March 17th.
Continuing claims were also in a record-setting mood with claims reaching a 52-year low…
- The advance number for seasonally adjusted insured unemployment during the week ending March 12 was 1,350,000, a decrease of 67,000 from the previous week’s revised level. This is the lowest level for insured unemployment since January 3, 1970.
- Economists had projected a smaller drop to 1.41M claims for the week ending March 12th.
California saw the biggest drop in jobless claims with 5,341 fewer claims week-over-week followed by Michigan (-4,767) and Kentucky (-2,593).
- On the flip side, the state with the biggest increase in claims was Florida at 794 followed by Pennsylvania (+381) and Tennessee (+266)
Considering job openings remain at record levels it would seem odd to see any major increase in jobless claims, however, a drop this big was a big surprise. I’ve seen some speculation this could have something to do with seasonal adjustments which could be possible. In the meantime, with all the troubled projections about the US and global economy, I will just enjoy these record low numbers while we can.