First time unemployment claims jump by 12,000; largest gain since mid-November

Clyde Hughes
·2 min read
11
UPI
A now-hiring sign is seen outside a fast food restaurant in Wilmington, California on January 27, 2021. First-time unemployment filings increased by 12,000 last week, the Labor Department said. File Photo by Jim Ruymen/UPI

Dec. 28 (UPI) -- People filing for unemployment benefits for the first time last week increased 12,000 from the week before, its biggest seven-day jump in more than a month, the Labor Department said on Thursday.

The weekly survey, which looked for signs of stability in the workforce and economy, said a seasonally adjusted 218,000 made initial claims for unemployment insurance for the week ending Dec. 23. That total from the week before was revised up by 1,000 to 206,000.

The 12,000 first-time jobless claims increase was the most since the week ending Nov. 11, when initial applications increased by 15,000 to 233,000. Coupled with the 3,000 first-time applicants increase for the week ending Dec. 16, the gains have nearly wiped out the 18,000 drop the survey saw in the week ending Dec. 9.

The weekly filing at that time dropped to 203,000, its lowest initial claims since mid-October.

The four-week moving average was 212,000, a decrease of 250 from the previous week's revised average.

The Labor Department said the seasonally adjusted total of all workers applying for unemployment benefits for the week ending Dec. 16 reached 1.875 million, an increase of 14,000 from the previous week's revised level.

The previous week's level was revised down by 4,000 to 1.861 million. The four-week moving average for total filings was 1,864,500, a decrease of 12,500 from the previous week's revised average of 1.877 million.