US Weekly Jobless Claims Rise 18,000 To 251,000

New York (Nov 23)  Initial weekly US jobless claims rose by 18,000 to 251,000 in the week to Saturday, the Labor Department said Thursday.

Consensus expectations compiled by various news organizations called for initial claims to be around 243,000 to 250,000.

The government revised the prior week’s tally to 233,000 claims from the previously reported 235,000. This marks 90 consecutive weeks of initial claims below 300,000, the longest streak since 1970.

There were no special factors impacting this week's initial claims, the Labor Department said.

Meanwhile, the four-week moving average for new claims – often viewed as a more reliable measure of the labor market since it smoothens out week-to-week volatility – was also 251,0000, a decline of 2,000 from the prior week.

Continuing jobless claims, the number of people already receiving benefits and reported with a one-week delay, increased by 60,000 to a seasonally adjusted 2,043,000 during the week ending Nov. 12, the government said. The four-week moving average rose by 750 to 2,024,750.

Traders monitor jobs data closely to gauge how aggressively the U.S. Federal Open Market Committee alters monetary policy.

Source: KitcoNews