Continuing claims, in lagging data for the January 23 week, fell 18,000 to 2.255 million but the 4-week average is up for the 4th week in a row, 5,000 higher to 2.253 million which is more than 30,000 above the month-ago comparison.
The rise in initial claims points to a rise in layoffs while the upward trend in continuing claims points to longer times looking for work. But today's data, where sample weeks fall outside the sample week for the monthly employment data, won't affect expectations for tomorrow's big report, one which is expected to show less strength in the labor market. There are no special factors in today's report.
Recent History Of This Indicator:
Initial jobless claims fell back sharply in the January 23 week, down 16,000 to 278,000 and helping to make the prior week's six-month high at 294,000 an outlier, at least hopefully an outlier. But continuing claims in this report did not fall back, hitting a 5-month high at 2.268 million and, together with the trend for initial claims, are pointing at less strength for the January employment report. Forecasters see initial claims coming in at 280,000 in the January 30 week.
Initial jobless claims fell back sharply in the January 23 week, down 16,000 to 278,000 and helping to make the prior week's six-month high at 294,000 an outlier, at least hopefully an outlier. But continuing claims in this report did not fall back, hitting a 5-month high at 2.268 million and, together with the trend for initial claims, are pointing at less strength for the January employment report. Forecasters see initial claims coming in at 280,000 in the January 30 week.
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