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Financial News: U.S. Weekly Jobless Claims Rebound To Highest Level

U.S. Weekly Jobless Claims Rebound To Highest Level In Over A Year

01/31/2019 - 09:11:00 (RTTNews)

(RTTNews) - After reporting first-time claims for U.S. unemployment benefits at their lowest level in nearly 50 years in the previous week, the Labor Department released a report on Thursday showing a significant rebound in initial jobless claims in the week ended January 26th.

The report said initial jobless claims surged up to 253,000, an increase of 53,000 from the previous week's revised level of 200,000.

Economists had expected jobless claims to rise to 215,000 from the 199,999 originally reported for the previous week.

With the much bigger than expected increase, jobless claims reached their highest level since hitting 254,000 in September of 2017.

The slightly upwardly revised reading on jobless claims in the previous week was still the lowest since a matching figure in October of 1973.

The Labor Department said its less volatile four-week moving average edged up to 220,250, an increase of 5,000 from the previous week's revised average of 215,250.

Continuing claims, a reading on the number of people receiving ongoing unemployment assistance, also rose by 69,000 to 1.782 million in the week ended January 19th.

The four-week moving average of continuing claims climbed to 1,737,750, an increase of 8,000 from the previous week's unrevised average of 1,729,750. The average reached its highest level since early last August.

On Friday, the Labor Department is scheduled to release its more closely watched report on the employment situation in the month of January.

Employment is expected to rise by 166,000 jobs in January after spiking by 312,000 jobs in December, while the unemployment rate is expected to hold at 3.9 percent.

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