The data from the Labour Department showed on Thursday the number of applications
for unemployment unexpectedly plunged last week.
According to the report, the initial claims for unemployment benefits declined by 19,000 to 202,000 for the week ended December
9. This marked the first drop in first-time unemployment claims in three weeks
and represented the lowest reading since mid-October.
Economists had expected 220,000 new claims last week.
Claims
for the prior week were revised upwardly to 221,000 from the original estimate
of 220,000.
Meanwhile, the four-week moving average of jobless claims decreased to 213,250 from an
upwardly revised 221,000 (from 220,750) in the previous week. This was the lowest
count in five weeks.
As for continuing claims, they increased to 1,876,000 from a downwardly revised
1,856,000 (from 1,861,000) in the previous week. Economists had foreseen continuing jobless claims of 1,887,000.