US weekly unemployment claims fall, reversing previous week’s surge
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The news: Applications for US unemployment benefits dropped last week after spiking the week prior, highlighting the volatile nature of jobs data during the festive season.
The numbers: Data from the US Labor Department showed that the number of Americans filing initial jobless claims fell by 13,000 to 224,000 in the week ending 13 December.
Economists polled by Reuters and Bloomberg had expected to see 225,000 initial applications during the period.
The four-week moving average of new applications, which smooths out volatility, was little changed at 217,500.
The context: Earlier this week, the Bureau of Labor Statistics reported that the US unemployment rate reached 4.6% in November, a rise on September’s 4.4% rate. The report also flagged sluggish hiring and continued difficulty for unemployment Americans to secure a new job.
The sources: Department of Labor, Bloomberg, Reuters, AP
