Jobless Claims Exceeded Estimates in Latest Week
Initial jobless claims rose by 11,000 to 261,000 in the Jan. 6 week, well ahead of the 245,000 level expected and above the recent trend.
Claims tend to be volatile around the holidays due to the movements of seasonal workers, so analysts tend to view them cautiously. The four-week moving average rose for the fourth straight week to 250,750 and are likely to rise again next week as the recent low level of 225,000 in the Dec. 9 week drops out.
Continuing claims fell by 35,000 to 1.867 million in the Dec. 30 week, a new 44-year low, indicating that labor markets remain tight and that workers are finding jobs fairly quickly.