The number of initial jobless claims in the United States unexpectedly fell to an eight-month low, indicating resilience in the labor market
The number of initial jobless claims in the U.S. for the week ending December 28 fell to 211,000, lower than the expected 222,000, marking an eight-month low. The number of continuing jobless claims also decreased to 1.844 million, indicating a small scale of layoffs in the labor market and maintaining resilience. Federal Reserve Chairman Jerome Powell stated that the labor market is solid, and despite a slowdown in the job market, it remains overall stable. The four-week average of initial jobless claims is 223,250, reflecting data fluctuations during the holiday period
According to Zhitong Finance, the number of initial jobless claims in the U.S. for the week ending December 28 was 211,000, expected to be 222,000, with the previous value revised from 219,000 to 220,000. The number of continuing jobless claims in the U.S. for the week ending December 21 was 1.844 million, expected to be 1.89 million, with the previous value revised from 1.91 million to 1.896 million. The number of initial jobless claims in the U.S. has dropped to an 8-month low, and the number of continuing jobless claims has also decreased to a 3-month low, reflecting a relatively small scale of layoffs in the U.S. labor market, which still maintains surprising resilience.
Currently, the number of initial jobless claims is low—consistent with pre-pandemic levels—aligning with broad employment market data, indicating that U.S. companies are generally reluctant to lay off workers. Federal Reserve Chairman Jerome Powell recently described the U.S. labor market as being in a "solid state." The surge in unemployment rates last summer raised alarms, prompting policymakers to cut interest rates by 50 basis points in September to help support the job market.
Recent data shows that the U.S. job market is slowing down but remains stable overall. After policymakers implemented the third interest rate cut within three months, Powell stated at a press conference in mid-December that the economy is cooling but does not warrant concern.
The data on weekly jobless claims often fluctuates, especially during holiday periods. The four-week average of initial jobless claims for the week ending December 28 was 223,250, with the previous value revised from 226,500 to 226,750. The four-week average of initial jobless claims is an indicator that helps to smooth out volatility.
Before adjusting for seasonal factors, initial jobless claims increased. The largest increases were seen in Michigan, New Jersey, and Pennsylvania, while the largest decreases were in Texas and California