Weekly Jobless Claims Rose More than Median Forecast

The Labor Department said weekly jobless claims rose by 17,000 to 268,000 for the week ending November 26, higher than the estimate for 253,000. The prior week was unchanged at 251,000.

The four-week moving average came in at 2,037,500, an gain of 12,750 from the previous week’s unrevised average of 2,024,750. While the report marks 91 consecutive weeks of initial claims below 300,000–which is the the longest streak since 1970–long-term unemployment and decreased participation have shrunk the eligible applicant pool.

Put simply, there are fewer Americans even eligible to apply for first-time unemployment benefits in their respective state.

A Labor Department analyst said there were no special factors impacting this week’s initial claims and no state was triggered “on” the Extended Benefits program during the week ending November 12.

The highest insured unemployment rates in the week ending November 12 were in Alaska (3.9), Puerto Rico (2.6), the Virgin Islands (2.6), New Jersey (2.4), California (2.2), Connecticut (2.1), Pennsylvania (2.0), Wyoming (1.9), and Nevada (1.8).

The largest increases in initial claims for the week ending November 19 were in California (+14,214), Illinois (+5,581), Pennsylvania (+3,612), Missouri (+3,178), and Texas (+2,736), while the largest decreases were in Tennessee (-122), and Rhode Island (-64).