US Jobless Claims Highest in Over 3 Months


The number of Americans filing for unemployment benefits increased by 9 thousand to 261 thousand in the first week of 2018, well above market expectations of 246 thousand. It is the highest reading since the week ended September 23rd 2017. Harsh winter conditions during the first week of the year likely contributed for a higher reading.

The 4-week moving average was 250,750, an increase of 9,000 from the previous week's unrevised average of 241,750. The advance seasonally adjusted insured unemployment rate was 1.3 percent for the week ending December 30, a decrease of 0.1 percentage point from the previous week's unrevised rate. 

On an unadjusted basis, the biggest increases in initial claims were recorded in NY (27,170), California (12,459), Georgia (11,678), Pennsylvania (5,408), Texas (4,812) and Alabama (3,055). Also, claims taking procedures continue to be disrupted in the Virgin Islands while those in Puerto Rico still have not returned to normal. 

Continuing claims during the week ending December 30 were at 1,867,000, a decrease of 35,000 from the previous week's revised level. This is the lowest level for insured unemployment since December 29, 1973 when it was 1,805,000. The previous week's level was revised down by 12,000 from 1,914,000 to 1,902,000. 

The 4-week moving average was 1,913,250, a decrease of 5,500 from the previous week's revised average. The previous week's average was revised down by 3,750 from 1,922,500 to 1,918,750. 

US Jobless Claims Highest in Over 3 Months


DOL | Joana Taborda | joana.taborda@tradingeconomics.com
1/11/2018 2:04:25 PM