·
Initial claims for unemployment insurance fell 13,000 to 318,000 last
week following an upwardly revised 3,000 increase the prior week.
Consensus expectations had been for 325,000 claims.
· The latest figure covers the survey period for December nonfarm payrolls and claims were up 13,000 (4.3%) from the November period. During the last ten year there has been a (negative) 75% correlation between the level of initial jobless insurance claims and the m/m change in payroll employment.
· The four-week moving average of initial claims fell to 324,500 (-3.5% y/y).
· Continuing unemployment insurance claims rose 41,000 following a lessened 12,000 gain the prior week.
· The insured rate of unemployment
ticked up to 2.1% following two weeks at 2.0%.