ECON: Jobless Claims Report Posts Another Unexpected Drop
- Claims Fell to 330k from 335k, Consensus 355k
- Previous Week UNREVISED (uncommon)
- 4 Week Average 351.75k vs 360k last week
- Continued Claims 3.157 mln vs 3.2 mln Consensus
- Market Reaction: Big volume pop, but a surprisingly contained move back to unchanged levels after morning strength. This could be temporary, however... Some traders need a few moments to pick themselves up off the floor before selling more MBS and Treasuries.
In the week ending January 19, the advance figure for seasonally adjusted initial claims was 330,000, a decrease of 5,000 from the previous week's unrevised figure of 335,000. The 4-week moving average was 351,750, a decrease of 8,250 from the previous week's revised average of 360,000.
The advance seasonally adjusted insured unemployment rate was 2.5 percent for the week ending January 12, unchanged from the prior week's unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending January 12 was 3,157,000, a decrease of 71,000 from the preceding week's revised level of 3,228,000. The 4-week moving average was 3,197,500, a decrease of 12,250 from the preceding week's revised average of 3,209,750.