Initial Jobless Claims Unchanged

Initial jobless claims held unchanged at 276,000 for the highest 2-week run in two months. The 4-week average is rising, up 5,000 in the November 7 week to a 267,750 level that is, however, still in line with the month-ago comparison, a comparison that next week will match up with the October-to-November sample weeks of monthly employment data.

Continuing claims, which are lagging data for the October 31 week, are little changed, up 5,000 to 2.174 million. The 4-week average, at 2.165 million, is down about 40,000 from a month ago which is a positive signal. The unemployment rate for insured workers remains very low, at 1.6 percent.

The ratcheting higher of initial claims the last two weeks could become a concern if they fail to show improvement in next week's report, one that will be very closely watched. There are no special factors in today's report. Watch for JOLTS job opening data later today.

Recent History Of This Indicator:
Though popping higher in the October 31 week, initial jobless claims have been trending at 42-year lows and, as a share of the whole labor market, are likely at record lows. Econoday forecasters see initial claims dipping back 10,000 in the November 7 week to 266,000. Continuing claims, where data only goes back only 14 years, have also been at record lows.