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US jobless claims total 206,000, rising above pandemic low

The Department of Labor reported on Thursday.

Total unemployment insurance applications for the week ended December 11 was 206,000, higher than the Dow Jones estimate of 195,000 and up 18,000 from the previous week’s revised upward revision of 188,000.

Although total weekly claims increased, the four-week moving average, which helps balance the volatility of the numbers, totaled 203,750, the lowest level since government data, according to government data. from 15 November 1969, according to government data.

Both numbers are more in line with the pre-pandemic environment than the overwhelming numbers suggest since layoffs exploded in March 2020, the early days of the pandemic. Covid-19 boom. Weekly claims peaked at 6.15 million in April 2020 and remained above 300,000 before finally falling below that number in early October 2021.

Continuing the claims, data that ran after headlines a week, fell 154,000 to 1,845 million, the lowest since March 14, 2020.

The data comes a day after the Federal Reserve said it would accelerate the pace of economic support withdrawal.

The central bank said it would step up a easing of its asset purchases, in which it would buy $60 billion a month in Treasuries and mortgage-backed securities, with a Half of what it was before November. Along with the adjustment, Fed officials have said they expect to begin raising rates in 2022, with the possibility of three-quarters of a percentage point increase.

In making the move, the Federal Open Door Rate-Setting Commission noted that “job gains have stabilized in recent months and the unemployment rate has dropped significantly.”

A separate report showed housing prices starting in November rose 11.8% month-on-month to seasonally adjusted 1.68 million, while building permits rose 3.6% to 1.71 million. . Both numbers are much higher than estimates of 1.56 million and 1.66 million, respectively.

https://www.cnbc.com/2021/12/16/us-jobless-claims.html US jobless claims total 206,000, rising above pandemic low

Sunbiz

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