US Unemployment Claims Post Surprise Decline

Source: US Labor Department

Jobless claims in the United States posted a surprise decline, reflecting an improvement in labor demand even with the latest uptick in COVID-19 cases. DXY is up 0.17%, while Gold is down 0.12%.

• Seasonally adjusted initial claims for the week ending December 25 fell to 198,000, down by 8,000 from the previous week’s revised level of 206,000.
• The latest decline compares with the 206,000 applications expected by economists based on Bloomberg survey results.
• The four-week moving average stood at 199,250, the lowest since October 25, 1969’s 206,500.
• The seasonally adjusted insured unemployment rate for the week ending December 18 fell by 0.1 percentage points to 1.3% from the previous week.
• Insured unemployment for the same week fell by 140,000 to 1.716 million from the previous week’s revised level of 1.856 million.
• The biggest increases for the week were seen in Oklahoma, Michigan, Washington, Alabama, and Arkansas.
• The largest drops were in Missouri, Pennsylvania, Kentucky, Georgia, and Illinois.