It’s not by much, but it’s still going in the wrong direction — at least in the topline. The Department of Labor reported earlier this morning that the number of initial weekly jobless claims increased last week by 31,000 over the week before, coming in at 742,000. They also revised last week’s estimate by 2,000 claims, making the slight increase a bit more substantial.
The news wasn’t all bad, however. The more stable four-week average still declined slightly, and the sharp decline in those receiving benefits continued their sharp decline. But with many states imposing new restrictions on commerce, the direction of today’s report isn’t cheery (emphasis mine):
In the week ending November 14, the advance figure for seasonally adjusted initial claims was 742,000, an increase of 31,000 from the previous week’s revised level. The previous week’s level was revised up by 2,000 from 709,000 to 711,000. The 4-week moving average was 742,000, a decrease of 13,750 from the previous week’s revised average. The previous week’s average was revised up by 500 from 755,250 to 755,750. The advance seasonally adjusted insured unemployment rate was 4.3 percent for the week ending November 7, a decrease of 0.3 percentage point from the previous week’s unrevised rate.
The advance number for seasonally adjusted insured unemployment during the week ending November 7 was 6,372,000, a decrease of 429,000 from the previous week’s revised level. The previous week’s level was revised up 15,000 from 6,786,000 to 6,801,000. The 4-week moving average was 7,054,500, a decrease of 525,000 from the previous week’s revised average. The previous week’s average was revised up by 3,750 from 7,575,750 to 7,579,500.