Initial Jobless Claims Fall More Than Expected

Initial jobless claims fell to 316,000 in the Department of Labour’s latest tally.

Economists had expected seasonally-adjusted initial unemployment insurance claims to increase to 330,000 from 323,000 a week ago (that 323,000 figure was revised up to 326,000).

As far as the unadjusted figures, “The advance number of actual initial claims under state programs, unadjusted, totaled 363,053 in the week ending November 23, an increase of 37,229 from the previous week.”

“The advance unadjusted insured unemployment rate was 2.1 per cent during the week ending November 16, an increase of 0.2 percentage point from the prior week,” according to the report. “The advance unadjusted number for persons claiming UI benefits in state programs totaled 2,684,088, an increase of 143,750 from the preceding week. A year earlier, the rate was 2.2 per cent and the volume was 2,835,628.”

“We suspect the 21k decline in jobless claims in the latest week was exaggerated by seasonal factors,” said UBS’s Sam Coffin ahead of the report. “The last year with a similar calendar to this year was 2008, and at this time in 2008, jobless claims were rising about 20k per week. We expect some downward bias to persist into the upcoming (Thanksgiving) week.”

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.