US initial jobless claims hit highest level since August
By Iain Gilbert
Date: Wednesday 23 Nov 2022
(Sharecast News) - Americans lined up for unemployment benefits at an accelerated clip last week, with first-time claims easily beating expectations.
According to the Labor Department, new claims for unemployment benefits rose by 17,000 to 240,000 in the week ended 19 November, the highest level seen since August and easily exceeding expectations for a reading of 225,000.
On a seasonally unadjusted basis, initial claims soared by 47,909, while the four-week moving average, which aims to strip out week-to-week volatility, rose by 5,500 to 226,750.
The Labor Department also revealed the largest increases in initial claims for the week ending 12 November were in Minnesota, North Carolina, New Jersey, Montana, and Pennsylvania, while the largest decreases were in Kentucky, Georgia, Florida, Indiana, and Texas.
Reporting by Iain Gilbert at Sharecast.com
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