Economy

When Great News in Jobless Claims Is Not Great Enough

Thinkstock

More good news came out of the U.S. Department of Labor in the latest weekly jobless claims report. Claims on a seasonally adjusted basis were 276,000 in the week ending November 7, unchanged from the previous week’s unrevised level. This is great news on the surface, but somehow the consensus estimate from Bloomberg was down at 266,000.

Thursday’s report did note that, as usual, no special factors had an impact on this week’s initial claims.

A four-week average is calculated to smooth over weekly volatility. This figure was up 5,000 to 267,750, versus the prior week’s unrevised four-week average of 262,750.

The advance seasonally adjusted insured unemployment rate was 1.6%, unchanged from the previous week’s unrevised rate.

One key figure that 24/7 Wall St. pays attention to is the so-called continuing claims. This represents the army of the unemployed. For the week ending October 31, continuing claims rose by 5,000 to 2,174,000. The prior week’s level was revised by 6,000 higher to 2,169,000.

Lastly, the Bureau of Labor Statistics showed that the total number of people claiming benefits in all programs was 1,925,834, up by some 13,565 from the prior week. There were 2,101,931 persons claiming benefits in all programs in the comparable week in 2014.

ALSO READ: Countries With the Best (and Worst) Jobs

Want to Retire Early? Start Here (Sponsor)

Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?

Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.

Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.

 

Have questions about retirement or personal finance? Email us at [email protected]!

By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.

By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.