FOREX TradingCharts.com

Financial News: U.S. Jobless Claims Drop More Than Expected To

U.S. Jobless Claims Drop More Than Expected To New 50-Year Low

12/09/2021 - 09:02:00 (RTTNews)

(RTTNews) - First-time claims for U.S. unemployment benefits pulled back by much more than expected in the week ended December 4, according to a report released by the Labor Department on Thursday.

The report said initial jobless claims slid to 184,000, a decrease of 43,000 from the previous week's revised level of 227,000.

Economists had expected jobless claims to edge down to 215,000 from the 222,000 originally reported for the previous week.

With the bigger than expected decrease, jobless claims dropped to their lowest level since hitting 182,000 in September of 1969.

The less volatile four-week moving average also fell to 218,750, a decrease of 21,250 from the previous week's revised average of 240,000, hitting its lowest level since hitting 215,250 in March of 2020.

Meanwhile, the report said continuing claims, a reading on the number of people receiving ongoing unemployment assistance, rose by 38,000 to 1.992 million in the week ended November 27th.

The four-week moving average of continuing claims still declined to a new pandemic-era low 2,027,500, a decrease of 54,250 from the previous week's revised average of 2,081,750.

"Seasonal adjustment factors continue to wreak havoc with the data, and the claims figures may remain volatile through the holiday season," said Nancy Vanden Houten, Lead Economist at Oxford Economics.

She added, "Looking past the noise, we think claims will eventually hover more consistently around pre-pandemic levels of 220k, assuming the Omicron variant of the coronavirus has only a moderate negative impact on the economy."

Last Friday, the Labor Department released a separate report showing employment in the U.S. increased by much less than expected in the month of November.

The report said non-farm payroll employment rose by 210,000 jobs in November after surging by an upwardly revised 546,000 jobs in October.

Economists had expected employment to spike by 550,000 jobs compared to the jump of 531,000 jobs originally reported for the previous month.

Despite the much weaker than expected job growth, the unemployment rate slid to 4.2 percent in November from 4.6 percent in October. Economists had expected the unemployment rate to edge down to 4.5 percent.

With the much bigger than expected decrease, the unemployment rate fell to its lowest level since hitting 3.5 percent in February of 2020.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2021 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


China GDP Growth Slows In Q4; PBoC Cuts Lending Rate (53 min(s), 22 sec(s) ago)
(RTTNews) - China's economy grew at a slower pace in the fourth quarter of 2021 amid weak prop ...Full Story»

India Trade Deficit Widens In December (45 min(s), 38 sec(s) ago)
(RTTNews) - India's overall trade deficit widened in December with imports rising fast than ex ...Full Story»

U.S. Consumer Sentiment Drops More Than Expected Due To Inflation Worries (14 min(s), 38 sec(s) ago)
(RTTNews) - Inflation concerns have contributed to a bigger than expected drop in U.S. consumer se ...Full Story»

U.S. Business Inventories Jump 1.3% In November, More Than Expected (57 min(s), 38 sec(s) ago)
(RTTNews) - A report released by the Commerce Department on Friday showed business inventories in ...Full Story»

U.S. Industrial Production Unexpectedly Edges Down 0.1% In December (09 min(s), 38 sec(s) ago)
(RTTNews) - Partly reflecting a sharp pullback in utilities output, the Federal Reserve released a ...Full Story»

U.S. Import Prices Unexpectedly Dip Amid Sharp Pullback In Fuel Prices (48 min(s), 38 sec(s) ago)
(RTTNews) - Import prices in the U.S. unexpectedly showed a modest decrease in the month of Decemb ...Full Story»

U.S. Retail Sales Unexpectedly Tumble Amid Higher Prices, Shortages (28 min(s), 38 sec(s) ago)
(RTTNews) - A report released by the Commerce Department on Friday unexpectedly showed a steep dro ...Full Story»

U.S. Import Prices Unexpectedly Dip 0.2% In December (38 sec(s) ago)
(RTTNews) - Import prices in the U.S. unexpectedly showed a modest decrease in the month of Decemb ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

China GDP Growth Slows In Q4; PBoC Cuts Lending Rate

01/17/2022 - 00:49 AM (RTTNews)
(RTTNews) - China's economy grew at a slower pace in the fourth quarter of 2021 amid weak prop ...Full Story>>

India Trade Deficit Widens In December

01/14/2022 - 11:28 AM (RTTNews)
(RTTNews) - India's overall trade deficit widened in December with imports rising fast than ex ...Full Story>>

U.S. Consumer Sentiment Drops More Than Expected Due To Inflation Worries

01/14/2022 - 10:57 AM (RTTNews)
(RTTNews) - Inflation concerns have contributed to a bigger than expected drop in U.S. consumer se ...Full Story>>

U.S. Business Inventories Jump 1.3% In November, More Than Expected

01/14/2022 - 10:40 AM (RTTNews)
(RTTNews) - A report released by the Commerce Department on Friday showed business inventories in ...Full Story>>

U.S. Industrial Production Unexpectedly Edges Down 0.1% In December

01/14/2022 - 09:52 AM (RTTNews)
(RTTNews) - Partly reflecting a sharp pullback in utilities output, the Federal Reserve released a ...Full Story>>

Do not sell my personal information

Copyright © 2022. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.