US Jobless Claims Hit Pandemic-Low for Second Straight Week

Source: Department of Labor

American unemployment claims fell for the third straight week to mark the lowest level seen since the COVID-19 pandemic hit. DXY is up 0.09%, while Gold is down 0.07%.

• Seasonally adjusted initial claims for the week ending October 16 stood at 290,000, down 6,000 from the previous week’s 296,000.
• This is the latest reading since claims were at 256,000 on March 14, 2020, and the second straight week that figures were a pandemic low.
• The previous week’s level was revised to 296,000, up by 3,000 from 293,000.
• The four-week moving average fell by 15,250 to 319,750. This is the lowest since March 14, 2020’s 225,500.
• The insured unemployment rate for the week ending October 9 was 1.8%, down 0.1 percentage points from the previous week’s unrevised rate.
• Insured unemployment stood at 2.481 million, down 122,000 from the previous week. This is the lowest since March 14, 2020’s 1.770 million.
• The biggest gains were in Michigan, Missouri, Maryland, New Mexico, and Kentucky.
• The largest declines were in Tennessee, California, Florida, New Jersey, and Alabama.