·
Initial unemployment insurance claims unexpectedly rose another 8,000 to
357,000 on top of the 25,000 increase during Thanksgiving week. A
decline to 335,000 had been the Consensus expectation. Not seasonally
adjusted, claims surged 147,300 last week.
· The four week moving average of initial claims rose to 341,250 (-7.8% 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 surged 91,000 following a deepened 38,000 decline the prior week.
· The insured rate of unemployment ticked back up to 2.2% from a revised 2.1% the prior week.