Weekly Jobless Claims Drop Yet Again to Lowest Level Since 1970

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The Bureau of Labor Statistics (BLS) has reported yet another weekly jobless claims decline. In the week ending October 8, the seasonally adjusted initial claims reading was 246,000. This was actually unchanged, but the reason it was unchanged is that the prior week’s report was revised lower by 3,000 claims.

Both Bloomberg and Dow Jones were calling for 254,000 for the week ending October 8.

As we have seen week after week, the BLS said that no special factors had an impact on this week’s initial claims. Another mark here is that this marked 84 consecutive weeks in which initial claims were below 300,000. That is the longest sub-300,000 claims streak since 1970.

The four-week moving average was down by 3,500 to 249,250. This was the lowest level for the four-week average since November 3, 1973 (was 244,000 back then).

Two readings are reported with a one-week lag. The advance seasonally adjusted insured unemployment rate was 1.5% for the week ending October 1 (unchanged). The advance number of continuing claims, those who are considered the army of the unemployed, was down by 16,000 to 2,046,000. The BLS showed that this was the lowest level for insured unemployment since June 24, 2000 (was 2,033,000 then).

The good news is that weekly jobless claims remain miniscule. The bad news is that more internal jobs metrics are showing the strength of the jobs market is losing some of its hold.