US initial jobless claims unexpectedly jump to 230,000
By Iain Gilbert
Date: Thursday 13 Jan 2022
(Sharecast News) - Claims for unemployment benefits unexpectedly jumped in the seven days ended 8 January but still remained low by historic standards and broadly in line with the pre-pandemic average of around 220,000.
According to the Labor Department, US initial jobless claims totalled 230,000 last week, well ahead of estimates for a print of 200,000 and the previous week's unrevised total of 207,000.
The four-week moving average, which levels out volatility in the numbers, came to 211,000, up 6,300 week-on-week, while continuing claims, which run a week behind the headline number, declined to 1.55m from the previous week's revised print go 1.75m.
Pantheon Macroeconomics' Ian Shepherdson said: "The jobless claims numbers are plagued by seasonal adjustment problems before, during and after the holiday season. The speed of the drop in claims in November was flattered by favorable seasonals, and the payback is evident in the recent numbers.
"The seasonal issues will persist for another week or two, after which we expect claims to drop towards new cycle lows. The trend is heading south, just not as quickly as the data late last fall appeared to suggest."
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