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Initial jobless claims jump

December 24 2008

The four-week moving average of initial jobless claims rose 2.5% to a seasonally adjusted 558,000 in the week ended Dec. 20 from the previous week's revised average of 544,250, the U.S. Department of Labor reported today.

Total initial jobless claims (not the four-week average) jumped 5.4% to a seasonally adjusted 586,000 in the week ended Dec. 20 from the previous week's revised figure of 556,000, according to the department. Bloomberg reported the number was greater than the 558,000 median estimate of 32 forecasts it tracked in a survey.

Initial claims represent those people filing for unemployment benefits.

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