·
Initial unemployment insurance claims bounced up 17,000 to 333,000 last
week following the sharp 45,000 drop the week prior. Consensus
expectations had been for 335,000 claims.
· The latest figure is for the December survey period of nonfarm payrolls and claims fell a slight 2,000 (-0.6%) from the November survey period.
· The four week moving average of initial claims rose to 340,000 (-7.6% 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 fell another 9,000 and added to the deepened 57,000 decline the prior week.
· The insured rate of unemployment remained at 2.2%, where it's been since early October.