Categories: Retirement Planning and Investing

Jobless Claims in U.S. Surge in Week After Thanksgiving

Jobless Claims in U.S. Surge in Week After Thanksgiving (Bloomberg)

Applications for U.S. unemployment benefits jumped last week from an almost three-month low, showing the challenge in adjusting the data amid year-end holidays. Jobless claims surged by 68,000 to a two-month high of 368,000 in the period ended Dec. 7, Labor Department data showed today. That total topped the highest forecast in a Bloomberg survey of economists. In contrast, the 300,000 applications filed in the prior week, which included Thanksgiving, were the fewest since Sept. 7. The data reflect seasonal adjustment volatility around the Thanksgiving and Christmas holidays, a Labor Department spokesman said as the figures were released. A report last week showed the unemployment rate fell to a five-year low and companies added more workers than forecast, pointing to further labor-market progress. The median forecast of 47 economists surveyed by Bloomberg called for 320,000 claims. Estimates ranged from 300,000 to 351,000 after a previously reported 298,000 in the prior week.

Paul Dykewicz

Paul Dykewicz is the editor of StockInvestor.com and the editorial director of Eagle Financial Publications in Washington, D.C. He writes and edits for the website, as well as edits investment newsletters, time-sensitive trading alerts and other reports published by Eagle. He also is an accomplished, award-winning journalist who has written for Dow Jones, USA Today and other publications, as well as served as business editor of a daily newspaper in Baltimore. In addition, Paul is the author of the inspirational book, "Holy Smokes! Golden Guidance from Notre Dame's Championship Chaplain." He received his MBA in finance from Johns Hopkins University, where he was a two-time president of the school's Finance Club. In addition, Paul has a bachelor's degree from the University of Michigan and a master's degree in journalism from Michigan State University. Outside of work, Paul volunteers with a faith-based organization to assist the poor in Southeast Washington, D.C., to learn personal finance skills to lift themselves out of debt.