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Jobless claims up sharply
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November 19, 1998: 9:11 a.m. ET
Initial claims jump 11,000 to 332,000 as labor market keeps cooling
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NEW YORK (CNNfn) - The Labor Department said Thursday that 332,000 new names were registered on U.S. unemployment rolls last week, a dramatic increase over the previous week's figures and economists' forecasts.
First-time jobless claims rose to 332,000 in the week ending November 14 from an initial figure of 321,000 for the week prior.
Economists had predicted the number of claims would remain steady at 322,000.
Bond markets viewed the jump as a sign that the labor market is remaining loose, keeping wage pressures at a tolerable level. Immediately after the release, the 30-year Treasury bond was up 3/32 to yield 5.25 percent.
The moving four-week average, considered a more accurate indicator of pressure on the U.S. labor market, climbed to 317,000 initial claims from a revised figure of 313,750 per week announced last Thursday.
Continuing claims were also firmer, increasing to 2,236,000 to 2,197,000.
The next jobless claims report will be released Wednesday ahead of the Thanksgiving holiday. 
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