Initial jobless claims fall more than forecast

unemployment

(Wikipedia)

Initial jobless claims totaled 271,000 last week, lower than forecast.

The number of first-time claims for unemployment insurance benefits had been expected to total 275,000, according to economists polled by Bloomberg.

That's a drop from 282,000 recorded in the prior period.

The four-week moving average of claims, which accounts for some of the week-by-week volatility, fell by 250 to 270,500.

The labor department reported no special factors influencing this week's report.

"Last week's jump to 282K always looked like a seasonal adjustment problem, and normal service has now been resumed," wrote Pantheon Macroeconomics' Ian Shepherdson to clients.

"Over the next few weeks, though, the seasonals will struggle to cope with the holidays, because Christmas and New Year fall on a different day of the week each year. We think it likely claims will drop to only 260K or so next week - they might even hit a new cycle low, below 255K - but could then reboud substantially."

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