First Time Jobless Claims Rise 10K

Initial claims are up for a third straight week, 10,000 higher in the November 24 week to a 234,000 level that is outside high estimates for 228,000. The 4-week average is up a sizable 4,750 to 223,250 which is suddenly the highest reading since July. There are no special factors distorting today's report.

Also moving higher are continuing claims, up 50,000 in lagging data for the November 17 week with this 4-week average up 20,000 to 1.668 million. This reading is coming up from a 45-year low in late October at 1.635 million. The unemployment rate for insured workers is unchanged at 1.2 percent, which is very low but up 1 tenth from a month ago.

Unemployment claims do appear to be shifting higher which doesn't point to another month of outstanding strength for the November employment report.