Initial claims print under 300,000 for 56 straight weeks, the FED is fast running out of excuses to hold down rates!

The department of labor released the initial unemployment insurance claims number earlier today, the adjusted number came in at 276,000 with the 4 week moving average at 263,250.

The unadjusted number was even better at 235,839,  the comparable week in 2015  saw 239,748 initial claims.

This marks 56 weeks of the initial claims number coming in under 300,000. that is the longest such period since 1973. that's a heck of a winning streak!

The adjusted numbers put in eight straight weeks of lower readings before ticking up somewhat in the last three weeks. However the adjusted total insured unemployment is dropping consistently of late. More good news.

The raw data did spike in the last quarter of 2015, but has comedown impressively in the first quarter. With total insured dropping in a decent trend also. Much of the increase last year was a symptom of the declining oil price and the shutting of drilling activity, but this phenomenon seems to have stabilised of late.

On top of the initial claims data we have the employment percentage of the population moving in the right direction. Given the current trend this number should break the 60% threshold by the third quarter. A number not seen since march 2009.

This steady string of better news and initial claims numbers under 300,000 for 56 weeks in a row has got to be putting pressure on the FED to move rates higher.

The major determinant of their loose policy was the weak labor market, and with data like this that excuse should be taken off the table!

As each of these weekly data points improve and stack up on top of one another The FED will loose all excuses to hold rates on the floor. That moment is coming soon going by the current trend.