Jobs

Weekly Jobless Claims Could Signal Concerns for December Employment

Thinkstock

The latest weekly jobless claims report came out Wednesday morning, and they topped estimates. Bloomberg expected claims to come in at 270,000, but the reading blew this prediction out of the water when it came in at 282,000. This new level was also 13,000 higher than the previous week.

Economists might suspect that this latest reading is perhaps pointing to a softening of what has been a very solid labor market.

This is also the highest reading since all the way back in July. But the four-week average is steady, up only 1,500 to 270,750, which is only very slightly over the month-ago trend.

Continuing claims showed an unusual increase, up a very steep 82,000, in lagging data for the November 28 week, to 2.243 million. That is the highest reading since September. The four-week average for continuing claims is up 16,000 to 2.183 million, which is roughly 20,000 higher than the month-ago comparison. The unemployment rate for insured workers remains very low but is up a tenth to 1.7% for the highest reading since, again, back in September.

Claims remain very low, but this report could raise early concerns over the December employment report. This report next week will be very closely watched as the sample week for initial claims will match the sample week for the December report.

There were no special factors behind the increases in this report, although data for Louisiana were estimated for a third straight week, reflecting a computer problem.

Sponsored: Want to Retire Early? Here’s a Great First Step

Want retirement to come a few years earlier than you’d planned? Orare you ready to retire now, but want an extra set of eyes on your finances?

Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.

Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.