U.S. Initial Jobless Claims At 409.000; Up 18.000
(For The Week Ending December 31, 2010)
Initial jobless claims in the U.S. were reported right at 409.000 vs. 412.000 consensus; last week revised (up 3.000) reading was at 391.000.
Previous reading which was bellow 400.000 was after all a product of seasonal effects. Taking ADP employment into account we can say that U.S. economy is crating jobs at faster pace, but the pace of job losses is also faster than long term average. Even with this improved equation of job creation and job losses the inflow of people into work force will keep unemployment high for some time.
Chart 1. U.S. Initial Jobless Claims
