·
Initial claims for unemployment insurance unexpectedly jumped 25,000 to
349,000 during Thanksgiving week. Holiday periods are notable for
seasonal adjustment difficulties. Not seasonally adjusted, claims fell
by 36,300. The Consensus expectation had been for 330,000 claims.
· The four week moving average of initial claims rose moderately to 336,500 (-8.9% y/y).
· During the last ten years there has been a (negative) 82% correlation between the level of initial claims and the y/y change in payroll employment.
· Continuing claims for unemployment insurance slumped 20,000 following a downwardly revised 38,000 decline the prior week. The latest is the lowest level since April 2001.
· The insured rate of unemployment remained at 2.2% for the eighth week.
· The latest Beige Book on regional economic conditions from The Federal Reserve Board is available here.