·
Initial claims for jobless insurance rose 11,000 last week to 365,000.
Consensus expectations had been for claims of 350,000 and the prior week's
level was revised up.
· The four-week moving average of initial claims rose slightly to 362,500 (-6.8% y/y).
· Continuing claims for unemployment insurance rose 44,000 but the 105,000 decline during the prior week was revised to a decline of 134,000.
· The insured rate of unemployment rose slightly to 2.7% from a downwardly revised 2.6% during the week prior.
· Research from the Federal Reserve Board titled "How Should Unemployment Benefits Respond to the Business Cycle?" can be found here.