Claims figures are often volatile during the period between the Thanksgiving and New Year’s holidays, so it’s hard to determine if the latest data reflects an upturn in layoffs or simply seasonal volatility.
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Unemployment claims hit their highest level in five months last week, according to a Department of Labor report released Thursday.
The number of people continuing to receive jobless benefits climbed by 82,000 in the week ended November 28, the largest increase in a year, to 2.24 million.
Economists surveyed by MarketWatch had expected claims to inch higher to 270,000 from 269,000 in the prior week.
The Labor Department reported no special factors in this week’s data. The four-week average for continuing claims is up 16,000 to 2.183 million, which is roughly 20,000 higher than the month-ago comparison.
Last month, imported petroleum prices fell 2.5 per cent after rising 0.4 per cent in October.
Dollar strength and a sharp decline in oil prices have dampened inflation, leaving it running well below the Federal Reserve’s two per cent target.
A stronger dollar has been exerting downward pressure on the price of imported goods in recent months.
Prices for Chinese imports fell 0.3 per cent and were down 1.5 per cent over the last 12 months, the biggest year-over-year decline since January 2010.
Overall import prices were down 9.4% from a year earlier.
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The price index for non-agricultural exports also fell by 0.6 percent in November following a 0.3 percent drop in October. Last month’s decline was broad-based, with costs falling for imported fuels, food, capital goods and automobiles.
