Weekly Jobless Claims Rise Over 400,000

The Labor Department reported today that nn the week ending November 26, the advance figure for seasonally adjusted initial claims was 402,000, an increase of 6,000 from the previous week’s revised figure of 396,000. The 4-week moving average was 395,750, an increase of 500 from the previous week’s revised average of 395,250.

The advance seasonally adjusted insured unemployment rate was 3.0 percent for the week ending November 19, an increase of 0.1 percentage point from the prior week’s unrevised rate.

The advance number for seasonally adjusted insured unemployment during the week ending November 19 was 3,740,000, an increase of 35,000 from the preceding week’s revised level of 3,705,000. The 4-week moving average was 3,683,250, an increase of 8,250 from the preceding week’s revised average of 3,675,000.

The states reporting the highest number of new claims were Alaska, Oregon, and California, along with the northeastern states states of Pennsylvania, New Jersey, and Connecticut.

A Labor Department official said there was nothing unusual in the data, although government statisticians had to estimate claims data for Alaska and Washington DC. Initial claims below the 400,000 mark are normally seen as pointing to some healing in the jobs market.

A total of 7.01 million people claimed unemployment benefits under all programs during the week ending Nov 12, up 276,832 from the prior week.

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An avid market watcher, Martin enjoys the tech arena the most with the Nasdaq being his main area of focus. A finance major, Martin is working to the goal of one day ringing the bell at the NYSE.
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