Today's data from the U.S. Department of Labor showed that the number of Americans filing new claims for unemployment benefits fell to 166k from 202k reported in the previous week (revised to 171k). Today’s reading came in well below market expectations of 0.200k and is at its lowest level since 1968. On the other hand, continuing claims reading, which lags initial jobless claims data by one week, jumped to 1.523 million from 1.307 million in the previous week (revised to 1506 million), while analysts expected reading of 1.311 million. Sharp revisions may be caused by revised methodology used to seasonally adjust the national initial claims and continued claims to reflect a change in the estimation of the models.
US jobless claims dropped to historically low levels last week. Source: Bloomberg viaZeroHedge
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Create account Try a demo Download mobile app Download mobile appPresident Biden said the numbers show “America is on the move again and the economy is uniquely well-positioned to overcome the global challenges brought on by the pandemic and Putin’s War of Choice.” Today's report is another sign of a tight job market and robust labor demand which justifies swift Fed hikes and faster pace of tapering.
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