US jobless claims rose modestly on the week

Initial jobless claims rose to 282k in the week ending December 5, coming in above our (265k) and consensus (270k) expectations. The reading was up 13k from the unrevised prior-week reading of 269k. The four-week moving average rose just 2k to 271k.

Continuing jobless claims for the week ending November 28 rose to 2.243mn (previous: 2.161mn), above expectations and up 82k from the prior week. The surge in numbers brought the insured unemployment rate up one-tenth to 1.7%. The Labor Department reported no special factors in this morning's report apart from noting that Louisiana's claims were estimated again this week.

"The reference week for the increase in continuing unemployment claims contained the Thanksgiving holiday, seasonal and calendar effects may have affected the reading. From a trend and level perspective, claims still remain at historically low levels, suggesting no meaningful shift in labor market separations", says Barclays.