Jobless claims reportedly rose more than expected last week, but media reports said these numbers are typically volatile at the beginning of a new year.
The number of initial claims for unemployment insurance rose by 14,000 during the week ended Saturday (Jan. 11), the Department of Labor said in a Thursday (Jan. 16) press release.
The total of 217,000 initial claims filed during the week was up from the previous week’s revised figure of 203,000. The previous week’s number was revised up by 2,000.
The four-week moving average of 212,750 was 750 lower than the previous week’s revised average of 213,500. That figure was revised up by 500.
The number of initial claims was higher than that expected by economists polled by Reuters, who had forecast 210,000 for the week. Reuters reported Thursday that this data tends to be volatile at the start of the year, but the latest numbers point to low layoffs and a healthy labor market.
Bloomberg reported Thursday that the latest numbers were higher than forecast, but the four-week moving average dropped to the lowest level since April.
The Bureau of Labor Statistics reported Jan. 7 that November saw an increase in job openings, a rise in layoffs and a slowdown in the pace of quitting. The data pointed to some uncertainty in the labor market, PYMNTS reported at the time.
The Department of Labor also reported Thursday that the state with the greatest increase in the number of initial claims filed during the week ended Jan. 4 was New York, with 22,233 more initial claims.
In comments supplied to the department, per the press release, the state attributed the increase to layoffs in three industries: transportation and warehousing, construction, and accommodation and food services.
The state with the greatest decrease in initial claims filed during that week was Michigan, with 7,040 fewer initial claims. Michigan attributed the decrease to fewer layoffs in three industries: manufacturing, transportation and warehousing, and utilities.
The insured unemployment rate was 1.2% for the week ended Jan. 4, a rate that was unchanged from the previous week.
The insured unemployment number for that week was 1,859,000, which was 18,000 lower than the previous week’s revised figure of 1,877,000. The level for the previous week was revised up by 10,000.