BAD NEWS: Initial Claims Head Higher To 362K

Business Insider

UPDATE:

Initial unemployment claims increased by 8,000 to 362,000, new data out of the Department of Labor shows

Economists polled by Bloomberg had largely expected the closely followed metric to increase to 352,000 from a revised 354,000 reading last week.

The four week moving average moved slightly higher as well, to 355,000 from 354,750. 

However the states tallying the largest increases attributed the jump to school vacations, which triggered reductions in the school bus transportation and food services industries.

Continuing claims, or job seekers who remain out of work, increased to 3.416 million from a revised 3.406 million.

California offered some good news in the report, saying initial jobless claims decreased by 4,531 on fewer cuts in the manufacturing and service industries.

ORIGINAL: 

Minutes away from the major data point of the day: Initial Jobless Claims.

Economists polled by Bloomberg expect the closely followed metric to increase slightly to 352,000 from 351,000 last week.

However estimates from 52 economists range from a low of 345,000 to a high of 370,000. 

The announcement is of particular interest today as it is the last piece that analysts can use to model the total nonfarm payroll announcement tomorrow.

The Bureau of Labor Statistics will release results for the week at 8:30 a.m.

Follow the announcement live here.



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