US Weekly Jobless Claims Sank To 199,000, The Lowest Level in Over 50 Years

Source: US Department of Labor

The number of Americans submitting initial unemployment claims dropped to 199,000, the lowest level in over 52 years last week. DXY up +0.41%, EUR USD down -0.45%

• New filings amounted to 199,000 when the claims totaled 197,000. The Labor Department report beats Dow Jones estimates of 260,000.
• The Labor Department did not mention any special factors that contributed to the remarkable plunge that could provide an important indicator about a jobs market that has been struggling to recover.
• Claims were fell more than 71,000 the week ending No. 20, compared to the prior week. The figures signal a tight labor market that has companies struggling to retain and expand their workforce.
• Alongside the decline in weekly claims, continuing claims dropped by 60,000 to 2.05 million, a new pandemic low and a strong indicator that the labor market is getting tighter.
• The total amount of Americans receiving benefits under all programs decreased sharply by 752,390 to 2.43 million.