Hope and confusion are two appropriate reactions to this week’s Unemployment Insurance Weekly Claims Report. In an unusual move, last week’s data was revised down 4k. Including the revision, this week’s drop to 404k seems even more impressive. The Bloomberg consensus range was 397k to 435k, so this move came in at the low end of expectations. From the report:
In the week ending Jan. 15, the advance figure for seasonally adjusted initial claims was 404,000, a decrease of 37,000 from the previous week’s revised figure of 441,000. The 4-week moving average was 411,750, a decrease of 4,000 from the previous week’s revised average of 415,750.