Jobless claims had nowhere to go but up so they did this past week, according to the latest data from the Department of Labor…(DOL)
- Initial claims were 206,000, an increase of 18,000 from the previous week’s revised level for the week ending December 11th.
- Economists had projected a smaller increase of 200,000 claims.
Continuing claims, on the other hand, saw a drop for the week ending December 4th…
- Continuing claims fell to 1,845,000, a decrease of 154,000 from the previous week’s revised level
- Economists had projected a smaller drop to 1.93M.
Robert Frick, corporate economist at Navy Federal Credit Union, told the Wall Street Journal that COVID is still impacting the labor market…
- “It’s a tight labor market because of quits and a reluctance to go back to work, which are mainly because of Covid,”