US jobless claims came in low. Again. Again, again.

Thursday’s initial filers print was just 213,000, down 6,000 from the prior week’s upwardly revised 219,000 and the lowest since April.

I doubt readers need the backstory, but just in case: Claims spiked early last month amid distortions tied to a pair of hurricanes. Although the jump was obviously weather-related, “analysts” of the bearish persuasion (and, unfortunately, a handful of other observers who knew better) did their best Fred Sanford impression: “This is the big one! I’m coming to join you, Elizabeth!”

It wasn’t the big one. Claims promptly reversed once the weather improved. Headline initial filers fell in five of the ensuing six weeks, for a net decline of 47,000.

As the figure shows, that drop not only erased the early October spike, it left the headline 12,000 lower than it was the week before claims jumped.

The four-week moving average is now just 217,750, the lowest since early May.

Continuing claims were 1.91 million in the week to November 9 (remember: ongoing filers are reported on a lag for the week prior to the initial claims print), up 36,000 and ahead of the 1.88 million consensus expected.

That’s yet another “since November of 2021” high.

You can make the case (Goldman did a few months ago) that continuing claims is the more relevant series for monetary policy, but I don’t think I’m being a Pollyanna to suggest the initial claims series argues strongly against most fanciful recession narratives.

Oh, and today’s low initial claims print was for NFP survey week.