Jobless Claims Skyrocket

The advance figure for seasonally adjusted initial claims was 965,000, an increase of 181,000 from the previous week’s revised level and almost 200,00 more than economists had projected (Bureau of Labor)

The advance seasonally adjusted insured unemployment rate was 3.7 percent for the week ending January 2, an increase of 0.2 percentage point from the previous week’s unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending January 2 was 5,271,000, an increase of 199,000 from the previous week’s unrevised level of 5,072,000. The 4-week moving average was 5,215,750, a decrease of 59,000 from the previous week’s unrevised average of 5,274,750.