Jobless claims dissappoint big time spiking by 51K over the previous week

In the week ending Jan. 22, seasonally adjusted initial claims was 454K, an increase of 51K from the previous week's revised figure of 403K. The 4-week moving average was 428,750, an increase of 15,750 from the previous week's revised average of 413,000.

Heavy weather may be playing a major negative role in January economic data.  Furthermore, the DOL claim that this kind of volatility is normal this time of year.  It would have been nice though, had volatility gone in the other direction.  Hopefully it will be just a one-time effect that will quickly reverse.
The very tail end of the 4 week average jumps unexpectedly from what seemed to be a stable downward slide.  It could be just a hiccup.  Let's hope so.  If the numbers stay where they are today or especially if they go up, we will not see significant reduction in the overall unemployment rate.

Source:  Econoday

DOL Release
Econoday Analysis 


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