Initial Jobless Claims drop 10k to 268k

Initial Jobless claims dropped 10k to a Seasonally Adjusted 268k.  The four week moving average continued to rise to 278.5k.  The data is still being affected by the Verizon strike where New York workers have been able to file for unemployment benefits because Verizon has brought in replacement workers for striking workers.

The next month should be interesting for jobless claims.  Have we seen the bottom in claims for this cycle?  Or is the recent bump up more a function of temporary factors.  Stay tuned.

Kevin Spires, CFA, FRM