The number of Americans filing for unemployment benefits leapt to the highest level in four months in the latest week, erasing the large drop reported last week and then some.
The Labor Department reported Thursday that initial claims, a notoriously volatile data point that is subject to large swings due to technical factors, rose a seasonally-adjusted 46,000 to 388,000. The four-week moving average, which smooths out wrinkles in the data, rose 750 to 365,500. Both data points remain below 400,000, suggesting that the labor market is healing, although at a snail's pace.Oh, and the BS spin from the MSM concerning this all being about Hurricane Sandy. Don't you believe it:
"Improvement in the labor market will continue to be fitful and slow," said Joseph Trevisani, a market strategist at Worldwide Markets in Woodcliff Lake, New Jersey.
The highest numbers of new filings came from Pennsylvania and Ohio.