Jobless Claims Picture a Mixed Bag

Washington, DC, Dec. 10, 2009–Initial jobless claims rose by 17,000 to a seasonally adjusted 474,000 in the week ending Dec. 5, the Labor Department reported Thursday.

First-time claims — which measure new layoffs — rose for the first time in six weeks.

First-time claims in the previous week were unrevised at 457,000.

However, the four-week average of new filings — which smoothes out distortions caused by one-time events such as holidays, bad weather or strikes — fell for the 14th straight week to a seasonally adjusted 473,750, the lowest in 14 months.

The number of people collecting state benefits fell by 303,000 to a seasonally adjusted 5.16 million in the week ending Nov. 28. It’s the fewest continuing claims since February.

Compared with a year ago, initial claims are down 11%, while state continuing claims are up 31%.