Initial Jobless Claims Jump

Published by: Frank Galvano on 13th Jan 2011 | View all blogs by Frank Galvano
Initial Jobless Claims Jump

Two weeks after US initial jobless claims fell below 400,000, hitting a two-and-a-half-year low, they jumped back up in the week ending January 8th.  The Labor Department's report issued Thursday showed first-time unemployment filers for that week came in at 445,000, up 35,000 from the previous week when claims surpassed the 400,000 mark after falling below it for the first time ion more than two years the week before.

Last week's increase surpassed the expectations of analysts, who had forecast initial claims would rise to just 415,000 in a recent Briefing.com survey.  The Labor Department's 4-week moving average of claims, a measure designed to smooth out seasonal volatility, jumped as well, from 411,000 to 416,500.  The report indicated that 3,879,000 Americans filed continuing claims in the week ended January 1st, which is the most recent data available.  It was a decrease of 248,000 from the prior week's revised figure.

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