The Labor Department reported an increase of 31,000 initial claims for unemployment insurance last week. The weekly data are always erratic, but there has been a clear upward movement since December numbers. The four-week average was 467,500, which is considerably higher than a level consistent with job growth (@400,000).

Also, last week’s numbers were almost certainly depressed by bad weather on the East Coast. Many people who would have otherwise filed claims were unable to get to unemployment offices as a result of snow storms. Therefore, we may expect a jump in the current week. The number of claims deserved far more attention than it received.

–Dean Baker

Dean Baker is senior economist at the Center for Economic and Policy Research in Washington, D.C. He is the author of several books, including Rigged: How Globalization and the Rules of the Modern Economy Were Structured to Make the Rich Richer. Read more about Dean.