Initial Jobless Claims Reach 3-Year Low
Initial jobless claims dropped 19,000 for the week ending December 10th to 366,000. This marks the lowest level for initial claims since May 2008. Though the weekly claims report can be volatile, 5 of the past 6 weeks have come in below the 400,000 mark. A sign that perhaps the employment sector is improving. The 4-week average for initial claims also fell, dropping 6,500 to 387,750. This report is timely and occasionally moves the market. Although volatile and subject to big revisions, it is considered a good gauge of labor market conditions and an indicator of the employment report.