This week’s new jobless claims were essentially unchanged (but at their pandemic low), while continued claims continued their decline, also to a new pandemic low.
On a non-seasonally adjusted basis, new jobless claims declined by only 543 to 738,166, just above October 3’s revised pandemic low of 731,249. Seasonally adjusted claims declined by 7,000 to 751,000, a new pandemic low (which was also last week’s number before revision this week). The 4-week moving average also decreased by 4,000 to 787,000, also a new pandemic low. Here is the close up since the end of July – for comparison, remember that these numbers were in the range of 5 to 7 million at their worst in early April:
Continuing claims (which lag initial claims typically by a few weeks to several months) on a non-adjusted basis declined by 537,898 to 6,951,731. With the seasonal adjustment, they declined by 538,000 to 7,285,000. Both of these are new pandemic lows: