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Weekly Initial Unemployment Claims Decrease to 238,000

The DOL reported:
In the week ending January 29, the advance figure for seasonally adjusted initial claims was 238,000, a decrease of 23,000 from the previous week’s revised level. The previous week’s level was revised up by 1,000 from 260,000 to 261,000. The 4-week moving average was 255,000, an increase of 7,750 from the previous week’s revised average. The previous week’s average was revised up by 250 from 247,000 to 247,250.
emphasis added
The following graph shows the 4-week moving average of weekly claims since 1971.

Click on graph for larger image.

The dashed line on the graph is the current 4-week average. The four-week average of weekly unemployment claims increased to 255,000.

The previous week was revised up.

Weekly claims were close to the consensus forecast and increased recently likely due to the current COVID wave.

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