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Jobless claims average posts highest reading in a year

February 14, 2019

The US four-week moving average of initial claims for unemployment insurance rose to 231,750 last week, up 6,750 from the previous week’s average and the highest level for this average since Jan. 27, 2018, when it was 234,000, the US Department of Labor reported. The previous week’s average was revised upward by 250.

The four-week moving average smooths the volatility of the week-to-week numbers. Total initial claims for unemployment insurance for the week ended Feb. 9 rose to 239,000, up 4,000 from the previous week’s level, which was revised upward by 1,000.

Economists polled by MarketWatch forecast new claims falling to 225,000. What’s potentially troubling about the latest report is that even without seasonal adjustment, the actual number of people seeking benefits was higher in early February than at the same time last year, MarketWatch reported. That’s rarely been the case during the current economic expansion that began almost 10 years ago.