US Jobless Claims Bounce During Holiday Week
According to the US Labor Department, US jobless claims unexpectedly rose in the week ending November 26th. Figures showed that weekly unemployment claims rose by 6,000 to 402,000 for the week. This is comparatively higher than market estimates – focusing on a potential dip to 390,000. The weekly rise also pulls the less volatile 4-week measure higher by 500 to 395,750 claims. Continuing jobless benefit claimers rose by 35,000 to 3.74 million.
The recent labor market report can be considerably negative for the US employment picture ahead of the highly anticipated US non-farm payrolls report – scheduled for this week. But, with the fact that this is the first rise in the report above the benchmarked 400,000 level, things are looking slightly up for the upcoming survey. Weekly jobless claims averaged approximately 390,000 for the month – lending considerable support for analysts’ estimate of 120,000 jobs created in the month of November. Market experts consider the 400,000 to be the current key level in determining solid employment growth in the US – with any figure below indicative of expansion.