Jobless claims did rise for the week ending December 17th, but not as much as economist were expecting, according to the weekly survey from the Department of Labor.
- The advance figure for seasonally adjusted initial claims was 216,000, an increase of 2,000 from the previous week’s revised level.
- Economists projected that claims would rise to 225k.
States. Massachusetts lead the way with new claims adding 1,433 for the week ending December 17th followed by New Jersey (994) and Missouri (810).
- On the flip side, Ohio saw the biggest decrease in claims with a 1,983 drop followed by California (-1,588) and Indiana (-1565).
Continuing Claims. The advance number for seasonally adjusted insured unemployment for the week ending December 10 was 1,672,000, a decrease of 6,000 from the previous week’s revised level.
- Economists projected a rise to 1.68M for the week.
Analysis. James Picerno, editor of the US Business Cycle Risk Report, said on Twitter, “US jobless claims continue to print near multi-decade lows, but the gradual increase in the year-over-year change hints at stronger headwinds for the labor market in the new year”