Terrific Travail

Last week’s first time claims for unemployment totaled just 246,000, the best reading this year and the best reading since 11/24/73! The four-week moving average, which reduces week-to-week volatility, was just 249,250, the lowest level since 11/3/73, almost 43 years ago! This is definitive evidence of serious labor market strength. Unemployment claims may rise slightly due to Hurricane Matthew. They were elevated for four weeks following Hurricane Sandy in 2012.