Analysts expected initial claims of 439,000, so this is worse than expected.
Markets are falling further on the news, with the Dow off about 140.
The market could have used some good news. It didn’t get it.
This is the highest jump in three months.
In the week ending May 15, the advance figure for seasonally adjusted initial claims was 471,000, an increase of 25,000 from the previous week’s revised figure of 446,000. The 4-week moving average was 453,500, an increase of 3,000 from the previous week’s unrevised average of 450,500.
The advance seasonally adjusted insured unemployment rate was 3.6 per cent for the week ending May 8, unchanged from the prior week’s unrevised rate of 3.6 per cent.
The advance number for seasonally adjusted insured unemployment during the week ending May 8 was 4,625,000, a decrease of 40,000 from the preceding week’s revised level of 4,665,000. The 4-week moving average was 4,642,500, a decrease of 9,500 from the preceding week’s revised average of 4,652,000.
The fiscal year-to-date average of seasonally adjusted weekly insured unemployment, which corresponds to the appropriated AWIU trigger, was 5.146 million.