Around 204,000 people applied for first-time unemployment benefits last week, according to the latest data from the Bureau of Labor Statistics
That’s down from the previous week’s total jobless claims and only slightly below the pre-pandemic weekly average of 218,000. Continuing claims, which are filed by people who have received unemployment benefits for more than one week, decreased to 1.69 million for the week ended December 24, from 1.72 million.
“Without mass layoffs, it’s unlikely consumers will stop spending and the economy suffer a downturn.” Economists were expecting 225,000 initial claims, according to a consensus estimate from Refinitiv. Weekly jobless claims are volatile — especially around the holidays — and frequently subject to revision. A separate report from payroll company ADP reported Thursday morning that the private sector added 235,000 jobs in December, a tally that landed well above economists’ expectations of 150,000.
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