Initial Unemployment Claims Jump After Posting 50-Year Low Last Week
Initial unemployment claims shot back up on Thursday after previously reaching lows not seen in more than a half-century, according to the U.S Department of Labor.
In its weekly report, the Labor Department found that there were 222,000 initial unemployment claims in the week ending Nov. 27, a leap of 28,000. The department recorded its lowest number since 1969 for the week ending Nov. 20, which saw only 194,000 initial claims reported (adjusted from 199,000).
Last week’s report was the first time in 20 months the number dipped below 225,000 since March 14, 2020, the last report before the COVID-19 pandemic hit.
The number of continuing unemployment claims is 2,306,353, an increase of 21,564 from the previous week.
The data was provided a day ahead of the release of the monthly report on nonfarm payrolls. On Wednesday, a separate report from payroll processing firm ADP projected that 534,000 jobs were created last month, which narrowly beat projections.
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