Connect With PPD
Follow Us:
Sections: Economy

Weekly Jobless Claims Fall More Than Expected, Down From 5-Month High

Job seekers wait on a line to interview with jobs fair and Labor Department officials in NYC. (Photo: REUTERS)

Weekly jobless claims as measured by first-time unemployment benefits fell to 271,000 for the week ended Dec. 12, down from an unrevised 282,000 the week prior. Economists polled by Reuters had expected a shallower decline to 275,000.

The decline marks a fall from a 5-month hight and the 41st straight week that claims remained below 300,000, which is a threshold historically associated with strong labor market conditions. While that is the longest such run since the early 1970s, it is also true that chronic long-term unemployment simply shrinks the pool of eligible applicants.

The 4-week moving average–widely to be a better gauge as it irons-out week-to-week volatility–was 2,199,750, an increase of 16,250 from the previous week’s unrevised average of 2,183,500. A Labor Department analyst said no special factors influenced the data this week.

Meanwhile, the Federal Reserve on Wednesday announced it raised the benchmark overnight interest rate by 25 basis points to between 0.25% and 0.50%, marking the first hike in nearly a decade and the first since President Barack Obama took office. The U.S. central bank said there had been “further improvement” in the labor market and that “underutilization of labor resources” had diminished appreciably since the beginning of the year, though the timing and trajectory indicates a lack of confidence in the sustainability of economic activity.

READ FULL STORY

SubscribeSign In
PPD Business Staff

PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

View Comments

  • These numbers jump around and mean very little other then a overall average. The real number is participation index which has been hovering at record lows for a long time. We simple have a lot of people unemployed or under employed. Weekly claims make for headlines but not much else.

Share
Published by
PPD Business Staff

Recent Posts

Media’s Worst Russian Collusion Sins May Soon Be Repeated

The most damning journalistic sin committed by the media during the era of Russia collusion…

1 year ago

Study: Mask-Mandates and Use Not Associated With Lower Covid-19 Case Growth

The first ecological study finds mask mandates were not effective at slowing the spread of…

3 years ago

Barnes and Baris on Big Tech’s Arbitrary Social Media Bans

On "What Are the Odds?" Monday, Robert Barnes and Rich Baris note how big tech…

3 years ago

Barnes and Baris on Why America First Stands With Israel

On "What Are the Odds?" Monday, Robert Barnes and Rich Baris discuss why America First…

3 years ago

Personal Income Fell Significantly in February, Consumer Spending Weaker than Expected

Personal income fell $1,516.6 billion (7.1%) in February, roughly the consensus forecast, while consumer spending…

4 years ago

Study: Infection, Vaccination Protects Against Covid-19 Variants

Research finds those previously infected by or vaccinated against SARS-CoV-2 are not at risk of…

4 years ago

This website uses cookies.