Initial jobless claims jump to highest level since June.
Initial jobless claims unexpectedly jumped to 428,000, their highest level since June, in the week ending Sept. 10, the Commerce Department announced today. This is an increase of 11,000 from the previous week’s revised figure of 417,000. The four-week moving average, a less volatile number that flattens out week-to-week fluctuations in the data, was 419,500, an increase of 4,000 from the previous week’s revised average of 415,500. Economists had expected a drop in first-time jobless claims because last week included Labor Day, a federal holiday, which means one less day to file. The number of Americans filing for continuing unemployment claims during the week ending Sept. 3 was 3,736,000, a decrease of 12,000 from the previous week’s revised level of 3,738,000. The four-week moving average was 3,741,000, an increase of 1,250 from the preceding week’s revised average of 3,739,750. States reported 3,066,671 persons claiming emergency unemployment benefits in the week ended Aug. 27, an increase of 6,049 from the prior week. The total number of people claiming benefits in all programs ending Aug. 27 was 7,144,143, a decrease of 25,033 from the previous week. The largest increases in initial claims for the week ending Sept. 3 were in Kansas, New Jersey, North Carolina, Texas, and Washington. The largest decreases were in California, New York, Puerto Rico, South Carolina, and Virginia.