US Unemployment Claims Resume the Declining Trend, Falling Below 800K Again
The unemployment claims declined again in the last week of December in the US
The unemployment claims surged in the US during the lock-down months, particularly in April, when they peaked at 6.867 million. They have held persistently above 665,000, which is still a rally big figure. Jobless claims jumped higher in the first two weeks of December, to 853K and 885K respectively, but the in the third week claims cooled off to 803K.
They were expected to increase again last week, to 832K, but they declined to 787K instead. This puts the unemployment claims back on the declining trend. Although, Illinois, which reported a drop of more than 28,500 applications from the prior week, accounted for the lion’s share of the overall decline in un-adjusted claims.
Still, the jump we saw in the number of jobless applications in the first half of December highlights economist expectations for a worsening labor market in winter, as colder weather forces restaurants and retailers to close or cut hours, while an increase in Covid-19 cases prompts tougher measures in various states. The new bill which passed the US Senate last weekend should help the situation, although the decline is quite slow.
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