Initial Jobless Claims Jump

Initial jobless claims rose to 313,000 last week.

Expectations were for the report to show claims fall down to 288,000, from the previous week’s 291,000.

The four-week moving average of claims rose to 294,000, up from 287,500 last week.

The insured unemployment number dropped to 2.316 million, down from last week’s 2.33 million.

“This is the lowest level for insured unemployment since December 9, 2000 when it was 2,236,000,” the Department of Labour noted. “The 4-week moving average was 2,352,000 a decrease of 17,740 from the previous week’s revised average. This was the lowest level for this average since January 6, 2001 when it was 2,349,250.”

“Though we have seen increased over the past three weeks in the 4-week average, the trend in claims remains relatively low,” according to BNP Paribas’ Derek Lindsey.

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