Recent news on the economy has been generally encouraging so it is possible that this week’s first time claims number could be a one-off. As Shobhana Chandra of Bloomberg reports,
Applications for U.S. unemployment benefits rose more than forecast last week, representing a pause from a recent run of readings close to a 14-year low. Jobless claims increased by 12,000 to 290,000 in the week ended Nov. 8, the highest since Sept. 20, a Labor Department report showed today in Washington. The median forecast of 53 economists surveyed by Bloomberg called for 280,000. Continuing (INJCSP) claims also rose.
This comes as companies should be hiring to handle seasonal business and in spite of oil prices that are low and falling. Also, other economies – including China’s – appear to be cooling.
Recoveries – even anemic ones – do not last forever.
