ECON: Jobless Claims Much Weaker Than Expected, but Markets Don't Care
- Claims 374k vs 310k forecast, 308k last week
- Half of 66k rise due to California computer conversion
- About 15k due to non-federal workers 'adversely affected' by shutdown
Market reaction: The higher-than-expected total is being completely shrugged off and bond markets have been unchanged or worse since data, after a short-lived stab into better territory that reversed inside the first minute.
In the week ending October 5, the advance figure for seasonally adjusted initial claims was 374,000, an increase of 66,000 from the previous week's unrevised figure of 308,000. The 4-week moving average was 325,000, an increase of 20,000 from the previous week's unrevised average of 305,000.
The advance seasonally adjusted insured unemployment rate was 2.2 percent for the week ending September 28, unchanged from the prior week's revised rate. The advance number for seasonally adjusted insured unemployment during the week ending September 28 was 2,905,000, a decrease of 16,000 from the preceding week's revised level of 2,921,000. The 4-week moving average was 2,858,750, an increase of 22,500 from the preceding week's revised average of 2,836,250.