U.S. Initial Jobless Claims Unexpectedly Climb To 742,000

After reporting initial jobless claims at their lowest level since before the coronavirus-induced lockdowns in the previous week, the Labor Department released a report on Thursday showing an unexpected rebound in jobless claims in the week ended November 14th.

The Labor Department said jobless claims climbed to 742,000, an increase of 31,000 from the previous week’s revised level of 711,000.

The rebound came as a surprise to economists, who had expected jobless claims to edge down to 707,000 from the 709,000 originally reported for the previous week.

Meanwhile, the report said the less volatile four-week moving average fell to 742,000, a decrease of 13,750 from the previous week’s revised average of 755,750.

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