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Jobless claims jump sharply in latest week
WASHINGTON (MarketWatch) -- First-time jobless claims jumped in the latest week, a possible sign of weakening in the U.S. labor market, according to government data reported Thursday.
The number of workers filing for state unemployment benefits rose by 20,000 to a seasonally adjusted 339,000 for the week ended Nov. 10, the Labor Department said.
This marked the highest level of claims in a month.
Economists had generally been expecting claims to increase, but the consensus was hovering at about 325,000.
A spokesman for the Labor Department said there were no special factors pushing up claims, but said anecdotal evidence suggested that the knock-on effects of the strike by Hollywood writers may have impacted claims.
Economists are watching claims closely because a sharp increase is one of the leading indicators of a slowdown.
Federal Reserve Chief Ben Bernanke told Congress last week that he expects growth to slow noticeably in the fourth quarter and remain sluggish in the first few months of 2008. But clear signs of this slowdown have yet to emerge in government data.