Initial Jobless Claims Rise to Higher-Than-Expected 480,000

The U.S. economy hit a minor setback on the employment front, as initial jobless claims edged 7,000 higher to 480,000 for the week ending Dec. 12, the Labor Department announced Thursday. The total came in well above the 465,000 Bloomberg News consensus estimate. Meanwhile, continuing claims rose 5,000 to 5.186 million. However, the 4-week moving average for initial jobless claims fell 5,250 to 467,500.
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