Anybody care about US jobless claims?

Not really? Well, I can’t blame you. The release is only “exciting” when people are being laid off in large numbers, and right now that’s not the case. Not even close.

But this week’s update from the Labor Department was notable for a fourth consecutive sub-200,000 print. By definition, that means the four-week average moved below 200,000 for the second time in as many months.

As the figure shows, this exceedingly rare event seems on the verge of becoming semi-routine.

Recall that the moving average was below 200,000 for two straight weeks in August, the first such “streak” since 2022. Prior to 2022, the last time the four-week average of initial filers was below 200,000 for consecutive weeks was 1969.

So, it’s possible that next week’s initial claims report will find the four-week average doing something it’s only done on two other occasions going back nearly six decades.

Meanwhile, continuing claims moved slightly higher in Thursday’s release. Still, at just 1.716 million, that series remains at its lowest levels in over three years.