US jobless claims rise more than expected

Date: Thursday 26 Jan 2012

Initial unemployment claims rose by 21,000 to 377,000 last week according to the latest data from the US Labor Department. The market consensus was looking for a reading of 374,000. The previous week's reading was revised higher to 356,000 from 352,000.

The four-week moving average fell by 2,500 to 377,500 from the previous week's revised reading of 380,000.

Continuous unemployment claims, which includes those claims not filed for the first time, rose by 88,000 to 3,554,000. The market was expecting a reading of 3,500,000. The previous week's reading was revised higher to 3,466,000 from 3,432,000.

The four-week moving average for continuous claims fell by 15,750 to 3,560,000 from the previous week's revised reading of 3,584,750.

"More intial claims were filed last week than the consensus expected; this is in contrast with last week's positive reading," say analyst at Digital Look. "The increase to continuous claims is significant although the four-week moving average, which smoothens out the more volatile weekly readings, is lower," they said.

F.M.

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