By CountingPips.com
U.S. weekly jobless claims decreased by more than expected in the week that ended on December 11th, according to the release by the U.S. Labor Department today. New jobless claims fell by 3,000 workers to a total of 420,000 unemployed workers, marking the lowest level of claims since July 2008. The 4-week moving average of unemployed workers decreased by 5,250 workers from the previous week to a total of 422,750.
Market forecasts were expecting jobless claims to decline to 425,000 unemployed workers following the prior week’s 423,000 revised number of claims.
Meanwhile, workers seeking continuing claims for unemployment benefits for the week ending December 4th increased for the week. Continuing claims rose by 22,000 workers to a total of 4,135,000 unemployed workers while the 4-week moving average of continuing claims dropped by 47,250 workers to a total of 4,185,500.
Continuing claims were higher than expected as market forecasters were looking for 4,115,000 continued unemployment claims.
