Unemployment claims hit their highest level in five months last week, according to a Department of Labor report released Thursday.
Initial claims rose by 13,000 to a seasonally adjusted 282,000. The number exceeded Bloomberg economists’ projection of 270,000. The four-week moving average increased by 1,500 to 270,750.
While numbers took a dip, it is the 40th straight week for claims to remain under 300,000 — the longest stretch since the 1970s. The adjustment comes on the heels of a Bureau of Labor Statistics announcement that 211,000 jobs had been added in the month of November.
The strong labor market may give the Federal Reserve the green light to raise interest rates for the first time since 2008.
Fed Chair Janet Yellen indicated a hike is likely to be agreed on at the December meeting of the Federal Open Market Committee.
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