Initial unemployment insurance claims jumped 36,000 to 325,000 last week and reversed all of the declines over the prior two weeks. Consensus expectations had been for a lesser increase to 310,000.

During the last ten years there has been a (negative) 77% correlation between the level of initial claims and the m/m change in nonfarm payroll employment.

The four-week moving average of initial claims increased modestly to 309,250 (7.1% y/y).

Continuing claims for unemployment insurance fell 39,000 and reversed part of the prior week's 113,000 surge.

The insured rate of unemployment remained at 1.9%, about where it's been since February.

The Budget & Economic Outlook: Fiscal Years 2007 to 2016 from the Congressional Budget Office can be found here.