The data from the Labor Department revealed on Thursday the number of applications for unemployment benefits jumped to the highest level in more than two years last week, but that probably does not signal a rise in layoffs as the claims data tends to be volatile in the period following the Thanksgiving Day holiday.

According to the report, the initial claims for unemployment benefits surged by 49,000 to a seasonally adjusted 252,000 for the week ended December 7, the highest level since September 2017.

Economists had expected 213,000 new claims last week.

Claims for the prior week were remained unchanged at 203,000.

Meanwhile, the four-week moving average of claims rose by 6,250 to 224,000 last week.