The DOL reported:
In the week ending June 4, the advance figure for seasonally adjusted initial claims was 264,000, a decrease of 4,000 from the previous week’s revised level. The previous week’s level was revised up by 1,000 from 267,000 to 268,000. The 4-week moving average was 269,500, a decrease of 7,500 from the previous week’s revised average. The previous week’s average was revised up by 250 from 276,750 to 277,000.
There were no special factors impacting this week’s initial claims. This marks 66 consecutive weeks of initial claims below 300,000, the longest streak since 1973.
The previous week was revised up to 268,000.
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 decreased to 269,500.
This was lower than the consensus forecast. The low level of claims suggests relatively few layoffs.