After 386,000 Americans applied for jobless benefits in the week ending July 14, economists found volatility in their forecast. The missed forecast of 365,000 claims is due to the change in annual automobile plant layoffs, according to Bloomberg.
A difference in timing of annual automobile plant layoffs could be the cause of the volatility, the Labor Department said in the article. Numbers for weeks to come will also be hard to predict because of the seasonal variations.
The unemployment rate has risen in 44 states and territories, with only nine reporting a decrease, according to Bloomberg.
During June only 80,000 jobs were added, according to the Labor Department, which is lower than economists had expected, according to the article.