Prior week: 235K vs 234K reported earlier
The US initial employment claims came in at 234K vs 245K. This is the 2nd lowest reading in the cycle lower for this series.
The 4- week average moved lower to 247.25K from 250.25K last week.
US continuing claims came in a touch higher than expectations at 2028K vs 2024K est. The prior week was revised a bit higher at 2035K vs 2028K last week.
The largest increases in initial claims for the week ending April 1 were in Illinois (+2,060), Oregon (+1,133), Ohio (+1,022), Indiana (+898), and Kansas (+689), while the largest decreases were in California (-7,238), New York (-7,039), Pennsylvania (- 4,109), Texas (-2,205), and Connecticut (-1,184). The coastal (and Texas) states are gaining. The heartland is not.
Overall, the trend remains more favorable for employment in the US.
