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Labor market takes hit as jobless claims rise sharply

First-time unemployment filings bumped up last week. The labor market showed increased vulnerability as claims for the week ending Nov. 21 totaled 778,000, up from 742,000 the previous week.

The labor market took a hit the week ending Nov. 21, first-time jobless claims rising from the prior week and above economist’s expectations.

Seasonally adjusted data shows initial claims reeled in 778,000, an increase of 30,000 from the previous week’s revised level.

The previous week’s level was revised up by 6,000 from 742,000 to 748,000. The 4-week moving average was 748,500, an increase of 5,000 from the previous week’s revised average. The previous week’s average was revised up by 1,500 from 742,000 to 743,500. 

An advance seasonally adjusted insured unemployment rate was 4.1 percent for the week ending Nov. 14, a decrease of 0.2 percentage point from the previous week’s unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending November 14 was 6,071,000, a decrease of 299,000 from the previous week’s revised level.