Weekly jobless claims, or first-time claims for unemployment benefits reported by the Labor Department.
The Labor Department said weekly jobless claims fell by 10,000 to 265,000 for the week ending December 24, higher than the 264,000 estimate. The prior week was unrevised at 275,000.
The four-week moving average–which is widely considered a better gauge, as it irons-out weekly volatility–was 263,000, a decline of 750 from the previous week’s unrevised average of 263,750. While the report marks 95 consecutive weeks of initial claims below 300,000, the longest streak since 1970, long-term unemployment and decreased labor participation has shrunk the pool of eligible applicants.
Simply put, there aren’t as many people eligible to even apply for state unemployment benefits.
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 December 10.
The highest insured unemployment rates in the week ending December 10 were in Alaska (4.8), Montana (2.6), New Jersey (2.5), Puerto Rico (2.4), California (2.3), Pennsylvania (2.3), Connecticut (2.2), Wyoming (2.2), the Virgin Islands (2.1), and West Virginia (2.1).
The largest increases in initial claims for the week ending December 17 were in Ohio (+2,625), Wisconsin (+2,083), Michigan (+1,683), Massachusetts (+1,510), and New Jersey (+1,380), while the largest decreases were in Pennsylvania (-1,521), Georgia (- 1,500), Colorado (-818), Florida (-808), and West Virginia (-737).
