Jobless claims reversed course and posted a marginal increase for the week ended Nov. 8, growing by 12,000 filings from the previous week’s unrevised level of 278,000, the U.S. Department of Labor’s unemployment insurance weekly claims reported.
In addition, the 4-week moving average was 285,000, an increase of 6,000 from the previous week's unrevised average of 279,000.
“Initial jobless claims remain at a low level but did rise in the November 8 week, up 12,000 to 290,000 which is the highest reading in 7 weeks,” analysts at Econoday said about the report.
“The 4-week average also rose, up 6,000 to 285,000 which is the highest in 5 weeks,” the report states.
The report falls in line with the recent news that total nonfarm payroll employment rose by 214,000 in October — below analyst expectations of 235,000.
However, the unemployment rate edged down to 5.8%, according to the Bureau of Labor Statistics.
Employment increased in food services and drinking places, retail trade, and health care – essentially in mostly lower paying jobs.