Weekly Unemployment Claims: Down 6K, Lowest Since March 2020

Here is the opening statement from the Department of Labor:

SEASONALLY ADJUSTED DATA

In the week ending October 16, the advance figure for seasonally adjusted initial claims was 290,000, a decrease of 6,000 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 previous week's level was revised up by 3,000 from 293,000 to 296,000. The 4-week moving average was 319,750, a decrease of 15,250 from the previous week's revised average. This is the lowest level for this average since March 14, 2020 when it was 225,500. The previous week's average was revised up by 750 from 334,250 to 335,000.

The advance seasonally adjusted insured unemployment rate was 1.8 percent for the week ending October 9, a decrease of 0.1 percentage point from the previous week's unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending October 9 was 2,481,000, a decrease of 122,000 from the previous week's revised level. This is the lowest level for insured unemployment since March 14, 2020 when it was 1,770,000. The previous week's level was revised up 10,000 from 2,593,000 to 2,603,000. The 4-week moving average was 2,655,500, a decrease of 84,750 from the previous week's revised average. This is the lowest level for this average since March 21, 2020 when it was 2,071,750. The previous week's average was revised up by 2,500 from 2,737,750 to 2,740,250. [See full report]

This morning's seasonally adjusted 290K new claims, down 6K from the previous week's revised figure, was below the Investing.com forecast of 300K.

Here is a close look at the data over the decade (with a callout for the past year), which gives a clearer sense of the overall trend.