WASHINGTON – Initial jobless claims increased by 8,000 to a seasonally adjusted 480,000 for the week ending Jan. 30, reaching the highest level since Dec. 15 and the fourth increase in five weeks, the Labor Department reported today.
Continuing claims increased by 2,000 to 4.602 million for the week ending Jan. 23. Initial claims reached a 2009 low of 432,000 for the week ending Dec. 26 but have increased in four of the five weeks since then.
Economists expected 460,000 initial jobless claims and 4.580 million continuing claims, according to the median estimate from Thomson Reuters.
Initial claims for the week ending Jan. 23 were revised to 472,000 from the 470,000 initially reported. Continuing claims for the week ending Jan. 16 were revised down to 4.600 million from the 4.602 million initially reported.
The four-week moving average of initial claims, a less volatile figure, increased to 468,750 from 457,000, the third consecutive weekly increase, to the highest level since Dec. 5.
The four-week moving average of continuing claims dropped to 4.669 million from 4.764 million, the 19th consecutive decline and the lowest level for the average in a year.
