4 Week Avg Intial Jobless Claims Highest in 2 Years

From the Department of Labor:

UNEMPLOYMENT INSURANCE WEEKLY CLAIMS REPORT

SEASONALLY ADJUSTED DATA

In the week ending Dec. 1, the advance figure for seasonally adjusted initial claims was 338,000, a decrease of 15,000 from the previous week's revised figure of 353,000. The 4-week moving average was 340,250, an increase of 4,750 from the previous week's revised average of 335,500.

The last time the 4 week moving average for initial jobless claims pushed through the 340,000 mark was in the week ending October 29th 2005. As noted last week the trend is commensurate with a slowdown in employment growth but is far from recessionary.

However the trend is at odds with the ADP employment report released yesterday that showed the biggest growth in private sector jobs since November 2006. That makes tomorrow's BLS Non-farm payroll report all the more interesting.