Initial jobless claims jump to their highest level since July

TBI

The latest weekly tally of initial claims for unemployment insurance is out.

Claims jumped to 287,000, the highest level since July.

This was up from 267,000 a week ago and a bit higher than the 270,000 expected by economists.

The four-week moving average increased to 277,000 from 272,500 last week.

"While there was nothing unusual in the state-level data, the jump could have been caused by the volatility introduced when the numbers are adjusted for seasonal variations, a Labor Department spokesman said," Barclays Rob Martin noted in an email. "This statement is consistent with our view that the weekly jump was driven primarily by the pre-announced seasonal factors and does not reflect deterioration in labor markets."

Continuing claims for unemployment insurance increased by 3,000 to 2,198,000 during the week ending December 19.

"Despite the modest rise in initial claims towards year-end, both initial and continuing jobless claims improved considerably in 2015 and both series remain at or near their lowest levels since the early 1970s," Martin observed. "These data indicate that, at least from the separations side, the labor market remained strong to the very end of the year."

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