Jobless claims decreased by 2,000 to 387,000 in the week ended June 16, Labor Department figures showed today in Washington. The median forecast of 45 economists surveyed by Bloomberg News called for 383,000. The four-week average, a less volatile measure, climbed to the highest of the year.
The four-week moving average increased to 386,250, the highest since the week ended Dec. 3, from 382,750.
Last week included the 12th of the month, which coincides with the period the Labor Department uses in its survey of employers to calculate monthly payroll growth. The four-week average for the May survey week was about 10,000 lower, indicating little progress this month. The employment report for June will be released on July 6.
Bloomberg thinks that the big news is that the decrease was less than their “experts” expected.
They left out the part about their experts almost always being wrong–sometimes high, sometimes low, but almost always wrong.