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Jobless claims back on rise
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December 3, 1998: 9:13 a.m. ET
Thanksgiving unemployment picks up speed as initial claims climb by 13,000
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NEW YORK (CNNfn) - State unemployment offices got a bit more crowded last week, the U.S. Labor Department said Thursday, but economists already had predicted the increase.
In the week ended Nov. 28, the number of people filing for unemployment benefits for the first time rose to 313,000 from 300,000 in the previous week.
Although economists had forecast a slightly larger increase to 314,000, bond traders already were grappling with a storm of European interest rate cuts and so absorbed the news without comment.
The benchmark 30-year Treasury bond was trading up 15/32 at 103-31/32 to yield 4.99 percent.
The four-week moving average -- considered a more accurate indicator of long-term labor market trends -- showed a more gradual rise, climbing to 319,250 from an average figure of 318,500 the week before.
Continuing claims spiked to 2,307,000 from 2,180,000 in the previous week.
Economists watch jobless claims data for signs of labor market pressure, which can in turn lead to wage inflation.
However, the current figures likely were affected by last week's Thanksgiving holiday, when unemployment offices were closed. 
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