"Seeing through the statistical noise, the labor market is pretty soggy, and the claims numbers will reflect that once they settle down"
- Maria Fiorini Ramirez Inc., New York
A number of U.S. unemployment claims surged sharply last week, rising by 34 000 to 386 000, which was well ahead of economists' expectations of 365 000 claims. The jump followed a decline of 24 000 the previous week and was the biggest gain since April 2011.
The main reason for the volatility in numbers was a change in the timing of annual automobile plant layoffs, said the Labor Department.
"Seeing through the statistical noise, the labor market is pretty soggy, and the claims numbers will reflect that once they settle down," said Joshua Shapiro, Chief U.S. Economist at Maria Fiorini Ramirez Inc. in New York. "I don't think next week is going to be a clean read either, so you might have to wait a little while longer."
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