Weekly Jobless Claims Rise More Than Views, 4-Week Average Jumps

The Labor Department reported on Thursday that weekly jobless claims rose by 8,000 to 285,000 last week, higher than the estimate for 280,000. The prior week was revised lower by 1,000 to 277,000.

A Labor Department analyst said there were no special factors impacting this week’s initial claims and no state was triggered “on” the Extended Benefits program during the week ending January 16.

The four-week moving average–which is widely considered a better gauge, as it irons out volatility–came in at 284,750, an increase of 2,000 from the previous week’s revised average. The previous week’s four-week average was revised down slightly by 250 from 283,000 to 282,750.

The highest insured unemployment rates in the week ending January 16 were in Alaska (4.8), Montana (3.3), Pennsylvania (3.3), West Virginia (3.3), New Jersey (3.2), Puerto Rico (3.1), Connecticut (3.0), Illinois (2.9), Wyoming (2.9), and Massachusetts (2.8).

The largest increase in initial claims for the week ending January 23 were in Kansas (+65), while the largest decreases were in California (-21,269), Pennsylvania (-6,355), Georgia (-6,113), Michigan (-5,036), and New Jersey (-4,111).