US Unemployment Claims Resume the Declining Trend
Unemployment claims posted another fall in the US, resuming the declining trend
Skerdian Meta•Thursday, January 7, 2021•1 min read
The unemployment claims surged in spring due to the lock-downs in the US, with the total number of unemployed people jumping above 40 million by May. But they started declining with the reopening of the economy and fell below 800K by the middle of October.
But they jumped above 800K in the first two weeks of December, which raised questions about the economy. But, the jobless claims declined in the third week of December and today’s report showed another decline, which confirms that the decline in unemployment claims has resumed again.
Weekly Jobless Benefit Claims Report
- US weekly initial jobless claims 787K vs 800K expected
- Prior jobless claims was 787K, revised to 790K
- Continuing claims 5,072K vs 5,200K expected
- Prior continuing claims 5,219K
- PUA claims 161K vs 308K prior (lowest since the pandemic)
- Total claims 19.176K vs 19.564K prior
The reports over the holidays are tough to interpret because of all the closures. There have been some small signs of improvement in the past two weeks but it’s tough to tell if that’s real or a result of holidays. For instance, unadjusted claims were 922K but were seasonally adjusted lower. The PUA drop may be due to the runoff in the program. For instance, Ohio reported zero claims in the program compared to 51K the week before.
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Skerdian Meta
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Skerdian Meta Lead Analyst.
Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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