Weekly Jobless Claims Fall Slightly More than Median Forecast

An employee at Home Depot (NYSE:HD) beyond a now hiring sign at a satellite location. (Photo: Reuters)

The Labor Department said weekly jobless claims fell by 4,000 to 254,000 for the week ending December 10, lower than the median forecast anticipating 255,000. The prior week was unchanged at 258,000.

This marks 93 consecutive weeks of initial claims below 300,000, the longest streak since 1970. However, longterm unemployment and shrinking participation has also resulted in a shrinking pool of eligible applicants.

The four-week moving average was 257,750, an increase of 5,250 from the previous week’s unrevised average of 252,500.

A Labor Department analyst said there were no special factors impacting this week’s initial claims and no state was triggered “on” the Extended Benefits program during the week ending November 26. This marks 93 consecutive weeks of initial claims below 300,000, the longest streak since 1970.

The highest insured unemployment rates in the week ending November 26 were in Alaska (4.5), Puerto Rico (2.7), New Jersey (2.5), California (2.4), Montana (2.3), the Virgin Islands (2.3), Connecticut (2.2), West Virginia (2.2), Pennsylvania (2.1), Wyoming (2.1), and Nevada (2.0).

The largest increases in initial claims for the week ending December 3 were in New York (+15,066), Pennsylvania (+11,873), California (+11,480), Texas (+9,317), and Georgia (+5,687), while the largest decreases were in Vermont (-202), Nebraska (-71), North Dakota (-51), and Kansas (-2).