US Unemployment Benefit Claims Fall Below 200,000

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Requests for state unemployment benefits They went from 206,000 requests in the last report to 198,000 in the week ending December 25, that is, they fell by about 8,000, the United States Department of Labor reported Thursday.

Economists had forecast about 205,000 applications.

The number of applications was close to a minimum of 50 years, But concerns about COVID-19, low labor market participation rates and rising inflation continue to add to the economic uncertainty.

Labor participation, that is, the number of people who are working or actively looking for a job, continues to hover at rates not seen since the early 1970s.

“Application data may be more volatile in the coming weeks due to the seasonal adjustment process, but looking beyond that noise, we expect applications to remain around 200,000 as layoffs remain low amidst highs. difficult labor market conditions, “said Nancy Vanden Houten, senior economist at Oxford Economics, according to CBS News.

Continuing claims were reportedly 1.72 million for the week ending December 18, which is the lowest since March 2020, when the pandemic began to peak in the United States.

In October, the US had nearly 11 million job openings, almost a record.

The news sent the stock market slightly higher on low pre-holiday volume.

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