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In the week ending November 11, the advance figure for seasonally adjusted initial claims was 231,000, an increase of 13,000 from the previous week’s revised level. The previous week’s level was revised up by 1,000 from 217,000 to 218,000. The 4-week moving average was 220,250, an increase of 7,750 from the previous week’s revised average. The previous week’s average was revised up by 250 from 212,250 to 212,500. The advance seasonally adjusted insured unemployment rate was 1.3 percent for the week ending November 4, an increase of 0.1 percentage point from the previous week’s unrevised rate. The advance number for … (full story)
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Continuing Jobless Claims Surges To 2 Year High
The number of Americans filing for jobless benefits for the first time last week jumped to 231k (from an upwardly revised 218k), up to its highest since August… chart Worse still, continuing claims keeps rising, to 1.864mm – the highest since November 2021… chart And it’s going to get worse, as Goldman reminds us that ongoing seasonal distortions have increasingly weighed on the level of continuing claims over the last six months, and we now expect that the reversal of those distortions could exert a cumulative boost of 375k to the level of continuing claims between now and March. chart We’re gonna need … (full story)
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