UPDATE: Initial claims data are out.
Initial claims fell to 350K, below estimates of 360K.
Continuing claims rose to 3206K, slightly above estimates of 3200K.
Last week’s initial claims were revised up slightly to 362K from 361K.
According to Bloomberg, claims in 19 states had to be estimated due to the holiday, so next week’s figures may be heavily revised.
Below is a table showing a state-by-state breakdown:
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Miller Tabak Chief Economic Strategist Andrew Wilkinson wrote in an email to clients after the release:
With the impact of Superstorm Sandy diminishing on the region’s labour market the latest data delivered a 12,000 decline in claims to 350,000 and compares to a forecast of 360,000. Possibly the more important news is the decline in the key four-week moving average by 11,250 from 368,000 to 356,750 and its lowest since March 2008.
That continues to indicate to us that the labour market is in steady improvement mode and to expect a decent increase in non-farm payrolls due next Friday. That fall is also a step towards the 350,000 reading, which could spur further declines in the official unemployment rate.
The labour Department said the latest reading maybe lighter on account of some offices being unable to tally claims owing to the December 24 holiday.
ORIGINAL: Minutes away from weekly jobless claims figures, due out at 8:30 AM ET.
Economists expect 360K initial claims this week, down slightly from last week’s 361K figure.
Continuing claims are expected to rise to 3200K after coming in at 3125K last week.
We will have the release LIVE at 8:30 AM ET. Click here for updates >