The
data from the Labor Department revealed on Thursday the number of applications
for unemployment decreased much more than expected last week, hitting its lowest level since November 1969.
According
to the report, the initial claims for unemployment benefits dropped by 71,000
to 199,000 for the week ended November 20. This represented the lowest weekly total
since November 15, 1969.
Economists
had expected 260,000 new claims last week.
Claims for the prior week
were revised upwardly to 270,000 from the initial estimate of 268,000.
Meanwhile,
the four-week moving average of jobless claims decreased to 252,250 from an
upwardly revised 273,250 in the previous week (from 272,750). This was the
lowest number since the beginning of coronavirus crisis in March last year.
As
for continuing claims, they dropped to 2,049,000 from an upwardly revised 2,109,000
in the previous week (from 2,080,000). This was also the lowest reading since
March 2020.