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Weekly initial jobless claims are out and it’s a miss on two counts.First, claims jumped to 372k, which was higher than the 360k economists were looking for.
Second, last week’s number was revised up to 362k from a preliminary reading of 350k.
This caused the 4-week moving average to be revised up to 360,000 from last week’s 359,750.
From the Department of labour:
SEASONALLY ADJUSTED DATA
In the week ending December 29, the advance figure for seasonally adjusted initial claims was 372,000, an increase of 10,000 from the previous week’s revised figure of 362,000. The 4-week moving average was 360,000, an increase of 250 from the previous week’s revised average of 359,750.
The advance seasonally adjusted insured unemployment rate was 2.5 per cent for the week ending December 22, unchanged from the prior week’s unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending December 22 was 3,245,000, an increase of 44,000 from the preceding week’s revised level of 3,201,000. The 4-week moving average was 3,224,250, an increase of 6,500 from the preceding week’s revised average of 3,217,750.
The advance number of actual initial claims under state programs, unadjusted, totaled 495,588 in the week ending December 29, an increase of 40,459 from the previous week. There were 540,057 initial claims in the comparable week in 2011.
The advance unadjusted insured unemployment rate was 2.6 per cent during the week ending December 22, a increase of 0.1 percentage point from the prior week’s unrevised rate. The advance unadjusted number for persons claiming UI benefits in state programs totaled 3,293,218, an increase of 43,722 from the preceding week. A year earlier, the rate was 3.0 per cent and the volume was 3,779,025.
The total number of people claiming benefits in all programs for the week ending December 15 was 5,402,987, a decrease of 68,727 from the previous week. There were 7,223,309 persons claiming benefits in all programs in the comparable week in 2011.
Extended Benefits were not available in any state during the week ending December 15.
Initial claims for UI benefits filed by former Federal civilian employees totaled 1,732 in the week ending December 22, an increase of 52 from the prior week. There were 2,575 initial claims filed by newly discharged veterans, an increase of 1 from the preceding week.
There were 22,220 former Federal civilian employees claiming UI benefits for the week ending December 15, an increase of 1,125 from the previous week. Newly discharged veterans claiming benefits totaled 39,789, a decrease of 772 from the prior week.
States reported 2,065,706 persons claiming EUC (Emergency Unemployment Compensation) benefits for the week ending December 15, a decrease of 30,537 from the prior week. There were 2,932,561 persons claiming EUC in the comparable week in 2011. EUC weekly claims include first, second, third, and fourth tier activity.
The highest insured unemployment rates in the week ending December 15 were in Alaska (6.6), Puerto Rico (3.9), New Jersey (3.8), Pennsylvania (3.8), Montana (3.6), California (3.4), Nevada (3.4), Oregon (3.4), Connecticut (3.3), and Wisconsin (3.3).
The largest increases in initial claims for the week ending December 22 were in Ohio (+8,795), Michigan (+6,641), Pennsylvania (+5,530), Kentucky (+4,745), and Massachusetts (+4,330), while the largest decreases were in California (-11,789), West Virginia (-473), Florida (-450), Arizona (-192) and South Dakota (-186).