Jobless Claims Increase Following Holidays
Jobless claims increased in the week ending January 10, according to a U.S. Labor Department report. The advance figure for seasonally adjusted initial claims was 316,000, an increase of 19,000 from the previous week’s revised level. The previous week’s level was revised up by 3,000 from 294,000 to 297,000. The 4-week moving average was 298,000, an increase of 6,750 from the previous week’s revised average. The previous week’s average was revised up by 750 from 290,500 to 291,250.
The advance seasonally adjusted insured unemployment rate was 1.8% for the week ending January 3, a decrease of 0.1 percentage point from the previous week’s revised rate.
According to a related Bloomberg report, the increase in claims may indicate companies let go of seasonal employees following the holidays.
To view the full U.S. Labor Department report, click here.