Initial jobless claims reported last week were revised from 350K to 362K, and this week they’ve come in at 372K, dashing the expectations of economists again.
New applications for unemployment benefits jumped 10,000 to 372,000 in the week ended Dec. 29, the U.S. Labor Department said Thursday, reflecting holiday-season volatility and showing little change in the U.S. labor market. The level of claims marked a five-week high. Initial claims from two weeks ago were revised up to 362,000 from an original reading of 350,000. Economists surveyed by MarketWatch expected claims to total a seasonally adjusted 360,000.
The government blames it on the holidays, and estimated the numbers from one state.
The Labor Department official today said the number of applications reflects the effects of the holidays. Eight states and territories provided their own estimates last week and the Labor Department projected the reading for one additional state.
Expect the 372K figure to be revised upward before next week’s report.
As long as the current economic policies continue don’t expect things to get much better.