Weekly Jobless Claims Unexpectedly Rise
The U.S. Department of Labor has released its report on weekly jobless claims. Some economists were wondering if the Employment Situation's weak payrolls report from the previous week would have any play in the weekly jobless report, and the answer to this question is yes.
This Bureau of Labor Statistics' reading on weekly jobless claims was 315,000, compared to the Bloomberg estimate of 300,000. This week's reading is up 11,000 from the previous week’s revised reading of 304,000, which was first reported as 302,000. Prior to the revision, the Labor Department said that there were no special factors that influenced this report.
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To recap from the Employment Situation report, the notable readings were a fall in nonfarm payrolls to 142,000 from 212,000, against the Bloomberg estimate of 230,000. Also private payrolls fell to 134,000 from 213,000, against an estimate of 220,000.
The moving four-week average came to 304,000, which is up only 1,250 from the previous week’s revision of 303,250. Continuing claims, which are reported with a one-week lag, rose to 2.487 million from the previous week, which read at 2.464 million -- a recovery low 64,000 less than a week before.
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