The
data from the Labor Department revealed on Thursday the number of applications
for unemployment fell more than anticipated last week.
According
to the report, the initial claims for unemployment benefits decreased by 8,000
to 198,000 for the week ended December 25. This was the lowest weekly total
since the week ended December 4, when the claims decreased to 188,000, the
lowest level since November 1969.
Economists
had expected 208,000 new claims last week.
Claims for the prior week
were revised upwardly to 206,000 from the initial estimate of 205,000.
Meanwhile,
the four-week moving average of jobless claims fell to 199,250 from an upwardly
revised 206,500 (from 206,250) in the previous week. This marked the lowest
number since October 25, 1969.
As
for continuing claims, they slipped to 1,716,000 from a downwardly revised 1,856,000
(from 1,859,000) in the previous week. This was the lowest reading since the week
ended March 7, 2020, when continuing claims totaled 1,715,000.