"Applications for US unemployment benefits rose last week by the most since the onset of the pandemic, underscoring the volatile nature of claims at this time of year. Initial claims increased by 44,000 to 236,000 in the week ended Dec. 6, according to Labor Department data released Thursday. That was the biggest jump since March 2020 and followed the lowest level of applications in more than three years in the previous week, which included Thanksgiving."
"Either way, it's too hard to make a real judgment about the labor market from these numbers alone given the seasonal noise. Don't read too much into the jump in jobless claims, Heather Long, chief economist at Navy Federal Credit Union, said in a note. Smoothing it out, this still looks like an economy averaging 215,000 to 220,000 new jobless claims a week. That's not a cause for concern."
Initial US unemployment benefit applications rose by 44,000 to 236,000 in the week ended Dec. 6, the largest weekly increase since March 2020 and following a multi-year low the prior week. Weekly claims are volatile around the holidays and likely to fluctuate through year-end. Recent corporate headcount reductions at companies including PepsiCo and HP and elevated nationwide layoffs in October suggest some upward pressure on claims, though views differ among forecasters. The four-week moving average ticked up to 216,750, and smoothing implies an average near 215,000–220,000 claims weekly, a level not considered immediately alarming.
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