First Time Jobless Claims Surge

Claims by first time filers for unemployment insurance surged 43,000 to 364,000 last week.

It was the largest one-week gain in nearly three years and far surpassed Wall Street expectations for a rise to 331,000 from the originally reported 326,000 in the prior week.

A Labor Department analyst said the rise was partly due to difficulties with seasonal adjustments for the holiday, and economists said the data did not alter their outlook for healthy hiring in December.

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Steve Verdon
About Steve Verdon
Steve has a B.A. in Economics from the University of California, Los Angeles and attended graduate school at The George Washington University, leaving school shortly before staring work on his dissertation when his first child was born. He works in the energy industry and prior to that worked at the Bureau of Labor Statistics in the Division of Price Index and Number Research. He joined the staff at OTB in November 2004.