According to the Department of labour, initial jobless claims jumped to 439k.
Economists were looking for 375k.
To make things worse, last week’s number was revised up to 361k from from an initial reading of 355k.
The 4-week moving average climbed to 383,750 from 372,000 last week.
U.S. stock market futures are slightly negative.
Economists aren’t too worried about this number. They’re blaming the jump on Hurricane Sandy.
However, if this elevated number were to persist, we could be in trouble.
From the DoL:
SEASONALLY ADJUSTED DATA
In the week ending November 10, the advance figure for seasonally adjusted initial claims was 439,000, an increase of 78,000 from the previous week’s revised figure of 361,000. The 4-week moving average was 383,750, an increase of 11,750 from the previous week’s revised average of 372,000.
The advance seasonally adjusted insured unemployment rate was 2.6 per cent for the week ending November 3, an increase of 0.1 percentage point from the prior week’s revised rate. The advance number for seasonally adjusted insured unemployment during the week ending November 3 was 3,334,000, an increase of 171,000 from the preceding week’s revised level of 3,163,000. The 4-week moving average was 3,254,500, an increase of 17,750 from the preceding week’s revised average of 3,236,750.
The advance number of actual initial claims under state programs, unadjusted, totaled 466,348 in the week ending November 10, an increase of 104,548 from the previous week. There were 363,016 initial claims in the comparable week in 2011.
The advance unadjusted insured unemployment rate was 2.3 per cent during the week ending November 3, an increase of 0.1 percentage point from the prior week’s revised rate. The advance unadjusted number for persons claiming UI benefits in state programs totaled 2,933,855, an increase of 159,551 from the preceding week. A year earlier, the rate was 2.5 per cent and the volume was 3,177,477.
The total number of people claiming benefits in all programs for the week ending October 27 was 4,977,808, a decrease of 100,423 from the previous week. There were 6,773,260 persons claiming benefits in all programs in the comparable week in 2011.
Extended Benefits were only available in New York during the week ending October 27.
Initial claims for UI benefits filed by former Federal civilian employees totaled 1,544 in the week ending November 3, a decrease of 415 from the prior week. There were 2,649 initial claims filed by newly discharged veterans, a decrease of 7 from the preceding week.
There were 18,400 former Federal civilian employees claiming UI benefits for the week ending October 27, a decrease of 1 from the previous week. Newly discharged veterans claiming benefits totaled 38,932, a decrease of 609 from the prior week.
States reported 2,085,605 persons claiming EUC (Emergency Unemployment Compensation) benefits for the week ending October 27, a decrease of 32,570 from the prior week. There were 2,935,466 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 October 27 were in Alaska (4.5), Puerto Rico (3.9), California (3.0), Oregon (3.0), Pennsylvania (3.0), Virgin Islands (2.9), Arkansas (2.7), Nevada (2.7), New Jersey (2.7), Illinois (2.6), New York (2.6), and North Carolina (2.6).
The largest increases in initial claims for the week ending November 3 were in Pennsylvania (+7,766), Ohio (+6,450), New Jersey (+5,675), Michigan (+2,373), and Connecticut (+1,783), while the largest decreases were in California (-8,149), New York (-2,241), Florida (-939), Georgia (-913), and Indiana (-603).
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