Initial jobless claims slid to 420,000 last week, down slightly from the previous week and roughly in line with most analysts’ estimates. The Labor Department said the seasonally adjusted figure of actual initial claims for the week ended Dec. 11 fell by 3,000 from the previous week’s upwardly revised figure of 423,000. Despite the decline, weekly claims remain stubbornly higher than 400,000. Most economists believe jobless claims lower than that threshold indicate the economy is expanding and jobs growth is strengthening. Analysts surveyed by Econoday expected jobless claims to come in at 421,000 with a range of estimates from 414,000 to 435,000. A Briefing.com survey projected new claims of 415,000 last week. The four-week moving average decreased by 5,250 to 422,750 claims from a revised average of 428,000. The moving average, which is considered a less volatile indicator than weekly claims, is now at the lowest point in more than two years. The seasonally adjusted insured unemployment rate remained 3.3% for the week ended Dec. 4 unchanged from the week prior. The total number of people receiving some sort of federal unemployment benefits rose to nearly 9.2 million for the week ended Nov. 27, according to the Labor Department. Earlier this month, the department’s Bureau of Labor Statistics said unemployment rose to 9.8% from 9.6% in November, despite a 39,000 gain in nonfarm payroll jobs. Write to Jason Philyaw.
Jobless claims down slightly to 420,000
Most Popular Articles
Latest Articles
Labor market report is good news for mortgage rates
Friday’s jobs report came in as a miss of estimates and wage growth came in lower than expected, which is good news for mortgage rates.
-
Virginia Realtors: Zillow’s touring agreement may not be legal
-
Low inventory creates challenging conditions in North Carolina’s housing market
-
Tri-state area housing shortage could cost the region economically
-
Remote reverse mortgage counseling now permanently permitted in Massachusetts
-
NAR settlement terms slated to go into effect in mid-August