Initial Jobless Claims Back Over 400K, Prior Revised Higher

After a few brief weeks with a 3 handle in initial claims, initial layoffs once again jumped over 400k, to 402,000 in the Thanksgiving shortened week. As is now par for the course of the data fudgers at the BLS, the previous number was revised higher as is 100% the case always now on a weekly basis, from 393K to 396K.

As a reminder, last week's forecast had been for a 388K print, so the 5k miss certainly looked better than an 8k, or 60% higher miss. Unadjusted claims was the silver lining, declining by 69.7k following the massive surge the week prior. Continuing claims also missed expectations, rising from an upward revised 3,705K to 3,740K, on consensus print of 3,650K. Probably most notable is the surge in EUCs as over 76k people dropped off continuing claims and had to file for extended benefits. More...