The data from
the Labour Department revealed on
Thursday the number of applications for unemployment unexpectedly plunged last week.
According to
the report, the initial claims for unemployment benefits declined by
16,000 to 187,000 for the week ended January
13. This was the lowest weekly total since the week ended September
24, 2022 (182,000).
Economists had predicted
207,000 new claims last week.
Claims for the prior week
were revised upwardly to 203,000 from the original estimate of 202,000.
Meanwhile, the
four-week moving average of jobless claims fell to 203,250 from an upwardly revised 208,000 (from 207,750)
in the previous week. This represented the lowest count since the week
ended February 4, 2023 (203,250).
As for
continuing claims, they decreased to 1,806,000 from a downwardly revised 1,832,000
(from 1,834,000) in the previous week. This marked the lowest reading since the
week ended October 14, 2023 (1,783,000). This represented the first drop in nine weeks. Economists had forecast continuing jobless claims of
1,845,000.