initial jobless claims higher-than-expected
- US initial jobless claims come in higher than expectations at 261K versus 245K
- Last week came in at 250K
- Continuing claims 1867K versus 1920K estimate
- Prior week revised lower in continuing claims to 1902K versus 1914K
- Claims taking procedures continue to be disrupted in the Virgin Islands. The claims taking process in Puerto Rico has still not returned to normal.
- The 4-week moving average was 250,750, an increase of 9,000 from the previous week's unrevised average of 241,750.
- The largest increases in initial claims for the week ending December 30 were in New Jersey (+9,507), Pennsylvania (+6,850), Michigan (+5,920), Ohio (+5,773), and Wisconsin (+5,274),
- The largest decreases were in California (- 9,876), Kentucky (-5,485), Texas (-4,219), Oklahoma (-1,737), and Florida (-1,528).
The claims data can be quirky around holidays and weather can have an impact. NJ and Pennsylvania were the largest gainers in the week. Nevertheless the numbers have been trending more to the upside. Store closing may also be more in play as losers from bad Christmas, see store closings. The data will continue to be monitored going forward for sustainable trends.
