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American jobless claims declined unexpectedly in the past week, indicating strong labor market conditions even as COVID-19 cases continue to rise.
Source: US Labor Department
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Seasonally adjusted initial claims for the week ending December 25 fell by 8,000 to 198,000 from the previous week’s revised level of 206,000. This is lower than economists’ expectations of 206,000 based on a Bloomberg survey.
The advance insured unemployment rate declined by 0.1 percentage points to 1.3%. Insured unemployment for the week declined by 140,000 to 1.716 million, marking the lowest since March 7, 2020’s 1.715 million.
The largest peaks in initial claims were recorded in Oklahoma, Michigan, Washington, Alabama, and Arkansas. The biggest declines were in Missouri, Pennsylvania, Kentucky, Georgia, and Illinois.
The four-week initial claims declined by 7,250 to 199,250 from the previous week’s revised level of 206,500.
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