Jobless claims last week rose from 366,000 to 381,000, but according to Reuters journalists, “the underlying trend continued to point to improving labor market conditions.”
According to Gennadiy Goldberg, interest-rate strategist at 4CAST in New York, this uptick is simply the market “correcting” itself from an unsustainable but totally awesome plummet to a “sustainable downtrend.”
Since claims remain below 400,000, consumer spending and consumer confidence should both show improvements in December.
Meanwhile, the number of people receiving continuing benefits from their state rose 34,000 to 3.60 million in the week ended December 10, the most recent week data is available. Economists had forecast a smaller rise, from 3.55 million to 3.56 million.
The number of people receiving emergency extended benefits (those who had exhausted their state benefits) fell 15,000 in the same week to 2.9 million.