Economic Report: U.S. jobless claims jump to nearly 5-month high of 225,000

The number of Americans apply for jobless benefits surged to a nearly five-month high in early November. The numbers: The number of people who applied for jobless benefits last week shot up to a nearly five-month high, but the surprising spike likely stemmed from season quirks just ahead of the holiday season instead of a…

Economic Report: U.S. jobless claims jump to nearly 5-month high of 225,000

The number of Americans apply for jobless benefits surged to a nearly five-month high in early November. The numbers: The number of people who applied for jobless benefits last week shot up to a nearly five-month high, but the surprising spike likely stemmed from season quirks just ahead of the holiday season instead of a pronounced increase in layoffs. Initial jobless claims rose 14,000 to a seasonally adjusted 225,000 in the seven days ended Nov. 9, the government said Thursday. That’s the highest level since late June. Economists polled by MarketWatch estimated new claims would total 215,000

The monthly average of new claims nationwide, meanwhile, rose a much smaller 1,750 to 217,000. The four-week average gives a more stable view of the labor market than the more volatile weekly number. Read: Trump’s agenda a double-edged sword for the U.S world economy What happened: Actual or unadjusted jobless claims posted inordinately large increases in a handful of states, including California, New Jersey, New York, Minnesota and Texas. It’s possible the wildfires in California contributed to the increase in that state. The level of unadjusted claims, however, was virtually unchanged compared to the same week in 2018 (236,724 vs. 235,981). That might be a sign the big
Read More From Publisher