US / Jobless Claims rise but data could be distorted

SEASONALLY ADJUSTED DATA

In the week ending May 25, the advance figure for seasonally adjusted initial claims was 354,000, an increase of 10,000 from the previous week’s revised figure of 344,000. The 4-week moving average was 347,250, an increase of 6,750 from the previous week’s revised average of 340,500.

The advance seasonally adjusted insured unemployment rate was 2.3 percent for the week ending May 18, unchanged from the prior week’s unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending May 18 was 2,986,000, an increase of 63,000 from the preceding week’s revised level of 2,923,000. The 4-week moving average was 2,986,500, a decrease of 11,500 from the preceding week’s revised average of 2,998,000.

Chosen excerpts by Job Market Monitor

via ETA Press Release: Unemployment Insurance Weekly Claims Report.

U.S. jobless claims unexpectedly rise, but still within 2013 range

The number of Americans filing new claims for unemployment benefits unexpectedly rose last week, but not enough to suggest a shift in the recent pattern of modest job gains…

Economists polled by Reuters had expected first-time applications to hold steady at 340,000 last week.

A Labor Department analyst said claims for five states, including Virginia, Minnesota and Oregon, were estimated since state offices had less time to prepare data because of the national holiday on Monday.

This could have the distorted the readings, making last week’s claims a less useful gauge of labor market trends.

The four-week moving average for new claims, which irons out week-to-week volatility, edged up 6,750 to 347,250.

Despite the rise last week, claims remained in the middle of their range for this year and below levels economists normally associate with modest job gains.

There is still no sign of layoffs related to belt-tightening in Washington, particularly the $85 billion in across-the-board government spending cuts which has slowed factory production.

Chosen excerpts by Job Market Monitor

via U.S. jobless claims unexpectedly rise, but still within 2013 range | Reuters.