Initial Jobless Claims Were Higher Than Expected

The Department of Labour’s latest tally of initial unemployment claims is out.

Claims fell to 339,000 from last week’s 341,000 reading.

This was worse than the 330,000 expected by economists. Also, last week’s number was revised up from 336,000.

The four-week moving averag was 344,000, down from last week’s 349,750.

“We found this week to be particularly difficult to forecast as our models may have overestimated the seasonal rise in the number of claims,” said Citi’s Peter D’Antonio ahead of the release. “The reason is due to the fact that the survey week marks the one-year anniversary of the spike in claims associated with Hurricane Sandy, and our models heavily weight recent years of activity.”

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