Jobless Claims Rise, Announced Cuts Fall

The number of U.S. workers filing new claims for jobless benefits unexpectedly surged during the week ended Saturday by 36,000 to 447,000, the highest level in a month, the Labor Department said.

Claims the previous week were 411,000. Analysts had expected initial jobless claims to total 392,000 last week.

The four-week moving average of claims, a less volatile indicator, dropped to 409,750 last week, the lowest level since the end of August.

Another report showed that U.S. job-cut announcements fell for the third consecutive month in December. Companies said they would reduce payrolls by 161,584 positions, down 11% from November and the lowest since August, according to job placement firm Challenger, Gray & Christmas Inc.

Separately, the Commerce Department said construction spending rose 0.8% in November, matching October’s increase, led by government projects such as schools and highways.