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US jobless claims were higher than estimated last week after previously reaching their lowest level since 1969.
Source: US Department of Labor
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The initial filings for unemployment insurance for the week ended December 11 amounted to 206,000, higher than Dow Jones estimate of 195,000 and increased by 18,000 from the prior week’s upwardly revised 188,000.
Even though the weekly claims increased, the four-week moving average that levels out volatility the numbers were 203,750, the lowest level since November 1969.
These figures are in line with the pre-pandemic levels rather than the extended numbers shown since layoffs surged in March 2020. Weekly claims soared to an all-time high of 6.15 million in April 2020.
Continuing claims, which runs a week behind the headline figure, dropped 154,000 to 1.845 million, the lowest level since the pandemic started in March 2020.
The data comes after the Federal Reserve stated that it will intensity the pace of withdrawing its economic support.
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