Weekly jobless claims, or the number of Americans filing for first-time unemployment benefits rose last week to 298,000 from an upwardly revised 281,000 the week prior. The latest job numbers were way off the mark, but in line with expectations that the labor market would slowdown in the final quarter.
Initial claims for state unemployment benefits increased by 17,000 to a seasonally adjusted 298,000 for the week ended Dec. 27, the Labor Department said on Wednesday.
Wall Street expected a shallower rise to 290,000 from an initially reported 280,000, according to a poll of economists conducted by Reuters. The rising number is a little more than concerning considering the shrinking labor force and employment-to-population ratio, which indicates few are even eligible to apply.
Meanwhile, the prior week’s data was revised to show 1,000 more applications received that previously reported. However, claims are volatile around the Christmas holiday period, but should still have not reflected such as steep incline last week.
In the video above, FBN’s Cheryl Casone breaks down the latest weekly jobless claims data, which knocked on the door of 300,000 again last week.