The story this week is the repeated massive upward revisions to last week’s numbers
This week, on a unadjusted basis, new jobless claims declined by 5,702 to 862,351. Seasonally adjusted claims increased by 13,000 to 861,000 (meaning last week’s original number of 793,000 was revised higher by almost 50,000! – the 2nd week in a row for huge upward revisions). The 4 week moving average declined by 3,500 to 833,250.
Here is the close up since the end of July (these numbers were in the range of 5 to 7 million at their worst in early April):