Jobless Claims Rise From Three-Month Low

Initial jobless claims rose from an almost three-month low last week, the Labor Department reported Dec. 12.

Claims for the week ended Dec. 7 rose by 68,000 to a two-month high of 368,000, Bloomberg News reported.

The number of claims was above analysts’ highest forecast, according to Bloomberg.

The data reflect seasonal adjustment volatility that typically occurs around the holidays, Bloomberg reported.

“I wouldn’t put too much stock in the ups and downs of initial jobless claims over the next several weeks because seasonal volatility is pretty high this time of year,” Ryan Sweet, senior economist at Moody’s Analytics Inc., told Bloomberg.

“Layoffs are low. Other jobs data suggest layoffs are not the problem; it’s the lack of hiring,” he said.

The four-week moving average, a less volatile measure, rose to 328,750 from 322,750 the previous week.

Continuing jobless claims for the week ended Nov. 30 rose by 40,000 to 2.79 million.