Initial jobs claims dip in the current week
- Initial jobs claims 238K vs 245K estimate
- 4-week moving average of initial jobless claims 255K vs 247K last week
- Continuing claims 1.628M vs 1.62M estimate
- 4- week moving average of continuing claims 1.619M vs 1.651M. This is the lowest since August 4, 1973
- Prior week was revised higher by 1K to 261K vs 260K previously reported
- The only increase in initial claims for the week ending January 22 was in Alabama (+628), while the largest decreases were in California (-8,078), Pennsylvania (-7,967), New York (-5,722), New Jersey (-4,818), and Kentucky (-4,049).
The jobs claims data has been influenced by the omicron surge. The data should start to normalize as the threat dissipates.