WASHINGTON – Initial jobless claims unexpectedly increased 22,000 to 496,000 for the week ending Feb. 20, the highest level since November, partly due to the weather, the Labor Department reported today.
Continuing claims increased to 4.617 million for the week ending Feb. 13, the second straight weekly gain and the highest level since November.
Economists expected 445,000 initial claims and 4.550 million continuing claims, according to the median estimate from Thomson Reuters.
Snow storms in mid-Atlantic states caused a backlog of initial jobless claims for some states in prior weeks, a Labor Department official said. Those claims are beginning to be filed, he said.
The snow might also have partially offset the initial claims increase, he said. New Jersey, for example, reported a decrease of 2,130 claims for the week of Feb. 13 because the inclement weather forced a shorter workweek. Last week was also shortened by the Presidents Day holiday.
Initial claims for the week ending Feb. 13 were revised to 474,000 and continuing claims were revised to 4.611 million.
The four-week moving average of initial jobless claims increased to 473,750. The four-week average for continuing claims increased for the first time in 23 weeks to 4.600 million.
