Initial Claims Rout Expectations; Drop 23K to 381K Last Week
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Initial jobless claims hit the lowest point in about nine months, new data showed Thursday.
According to the Bureau of Labor Statistics, initial claims for the week ended December 3rd came in at 381,000, down 23,000 from an upwardly revised 404,000 reported in the proceeding week. The Street was looking for a drop to just 395,000.
The advance seasonally adjusted insured unemployment rate was 2.8 percent for the week ending November 26th, a decrease of 0.2 percentage point from the prior week's unrevised rate.
Looking at a less-volatile metric, the four-week moving average fell 3,000 to 393,250.
Those continuing to receive benefits fell 174,000 to 3.58 million for the week ended November 26th. Americans receiving emergency benefits fell 311,600 to 3.31 million. Economist were expecting a continuing claims reading of 3.7 million.
Though the numbers appear to be improving, traders are cautioning the Labor Department has a tougher time adjusting for numbers around the holiday shopping season.
According to the Bureau of Labor Statistics, initial claims for the week ended December 3rd came in at 381,000, down 23,000 from an upwardly revised 404,000 reported in the proceeding week. The Street was looking for a drop to just 395,000.
The advance seasonally adjusted insured unemployment rate was 2.8 percent for the week ending November 26th, a decrease of 0.2 percentage point from the prior week's unrevised rate.
Looking at a less-volatile metric, the four-week moving average fell 3,000 to 393,250.
Those continuing to receive benefits fell 174,000 to 3.58 million for the week ended November 26th. Americans receiving emergency benefits fell 311,600 to 3.31 million. Economist were expecting a continuing claims reading of 3.7 million.
Though the numbers appear to be improving, traders are cautioning the Labor Department has a tougher time adjusting for numbers around the holiday shopping season.
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