ECON: Jobless Claims Much Higher Than Expected, but with a Catch
- Claims 368k vs 320k forecast, 300k previously
- 4-wk avg 328,750 vs 322,750 previously
- Continued Claims 2.791 vs 2.75 million forecast
- Market Reaction: largely discounted due to the fact that claims have been horribly inconsistent into the end of the year between the government shutdown and holidays. Market participants don't read as much into these bigger deviations as the deviations would seem to suggest.
In the week ending December 7, the advance figure for seasonally adjusted initial claims was 368,000, an increase of 68,000 from the previous week's revised figure of 300,000. The 4-week moving average was 328,750, an increase of 6,000 from the previous week's revised average of 322,750.
The advance seasonally adjusted insured unemployment rate was 2.1 percent for the week ending November 30, unchanged from the prior week's unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending November 30 was 2,791,000, an increase of 40,000 from the preceding week's revised level of 2,751,000. The 4-week moving average was 2,793,500, a decrease of 4,750 from the preceding week's revised average of 2,798,250.