Jobless claims increased to 293,000 filings for the week ending Jan. 16, an increase of 10,000 from the previous week’s level, which was revised down by 1,000 to 283,000, the U.S. Department of Labor said.

As a result, the 4-week moving average jumped to 285,000, an increase of 6,500 from the previous week's average, which was revised down by 250 to 278,500.

Analysts with Econoday commented on the report saying, “Jobless claims may have already hit their lows, at least that's the emerging trend for initial claims.”

Econoday estimated a reading of 275,000 for the week, with the high-end estimate at just 285,000. Instead, filing rose to the highest reading since July.

Econoday analysts noted that while there were no special factors affecting the data, volatility in this series is not unusual at the start of the year.

The last major jobs report from the Bureau of Labor Statistics said that December job creation grew by 292,000, cementing the growing strength of the labor market. 

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