Weekly jobless claims for the week of January 30 have just been released, and they are continuing to trend higher, a negative indication for the labor market.
Looking at the numbers, initial claims rose by 8,000 to 285,000, which was 5,000 above both the Econoday and Bloomberg consensus estimates. The previous reading was revised to 277,000 from 278,000.
The four-week moving average increased by 2,000 to 284,750, which is roughly 5,000 higher than a month ago.
In terms of continuing claims, data from the January 23 week, fell by 18,000 to 2.255 million, but the four-week average is up for the fourth week in a row — 5,000 higher to 2.253 million, which is more than 30,000 above the month-ago comparison.
The rise in initial claims indicates a rise in layoffs, while the upward trend in continuing claims points to longer times looking for work. There are no special factors in the latest report and, we can look forward to December’s Employment Situation report on Friday.
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