Weekly Jobless Claims Unexpectedly Rise
Some economists wondered if the Employment Situation's weak payrolls report from the previous week would have any play in the latest weekly jobless report.
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.
This Bureau of Labor Statistics’ reading on weekly jobless claims was 315,000, compared to the Bloomberg estimate of 300,000. This week’s reading is up 11,000 from the previous week’s revised reading of 304,000, which was first reported as 302,000. Prior to the revision, the Labor Department said that there were no special factors that influenced this report.
To recap from the Employment Situation report, the notable readings were a fall in nonfarm payrolls to 142,000 from 212,000, against the Bloomberg estimate of 230,000. Also private payrolls fell to 134,000 from 213,000, against an estimate of 220,000.
The moving four-week average came to 304,000, which is up only 1,250 from the previous week’s revision of 303,250. Continuing claims, which are reported with a one-week lag, rose to 2.487 million from the previous week, which read at 2.464 million — a recovery low 64,000 less than a week before.
READ ALSO: The Best Economies in the World
Contact [email protected] for any questions or corrections.
Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
His work has been quoted, or referenced by a number of outlets including Business Insider, USA Today, Yahoo Finance, MSN, The Motley Fool, and many other publications. A graduate of Southwestern University, he studied business with a focus on investments and has previous experience in banking and startups.
When not reading or writing the news, he is following his passion for Lacrosse, playing chess, or building solar projects with his dad.
