Initial jobless claims fell in the April 24 week to 448,000 vs. 459,000 in the prior week, which is revised 3,000 higher. The four-week average is up 1,500 to 462,500 and compares negatively with 448,000 at the end of March.
Here is the accompanying chart:
While I am pleased the number dropped, the main issue going forward is getting this number below the 450,000 area. When we see that number move into the lower 400's and below I will be very pleased.
From New Deal democrat:
I'm more sanguine about the trend. There was no weekly claims number under 450,000 until February 6 of this year. Today is the third such number in the last 6 weeks. Conversely, there has only been one weekly claims number above 465,000 in the last 8 weeks. The trend, as shown in the 4 week moving average, remains clearly downward, albeit not as steeply as last year. Based on the previous 5 months, the 4 week average for April is consistent with net job growth.