Categories IPO, Markets

US unemployment applications drop to 49-year low amid government shutdown

The number of applications for unemployment benefits in the US dropped close to a 49-year low last week. Data from the Labor Department showed that jobless claims decreased by 13,000 to 199,000 for the week ended January 19. This marks the lowest level since November 15, 1969, when claims totaled 197,000.

The four-week moving average of initial claims dropped 5,500 to 215,000 last week. These numbers indicate strength in the labor market providing optimism regarding the overall state of the economy. The ongoing partial government shutdown is hurting economic growth but does not seem to have affected the claims data in a significant way.

The number of unemployment applications from federal employees rose by around 15,000 to 25,419 for the week ended January 12. The shutdown is expected to drive the unemployment rate to over 4% in January from the 3.9% rate reported in December.

Drop in US jobless claims reflect strength in labor market

Last week’s initial claims level was revised down by 1,000 to 212,000 from 213,000. The insured unemployment rate was 1.2% for the week ending January 12. The number for insured unemployment dropped 24,000 to 1.71 million for the week ending January 12.

The four-week moving average of continuing claims increased by 1,250 to 1.73 million. The data for jobless claims by federal employees and continuing claims are reported with a one-week lag.

 

We’re on Apple News! Follow us to receive the latest stock market, earnings and financial news at your fingertips.

Most Popular

Key highlights from Autodesk (ADSK) Q4 2021 earnings results

Autodesk, Inc. (NASDAQ: ADSK) today reported its fourth quarter financial results for the period ended January 31, 2021. Net income for the fourth quarter was $911.3 million, or $4.10 per

Infographic: Beyond Meat (BYND) reports wider Q4 loss; Revenue up 4%

Beyond Meat (NASDAQ: BYND), a specialist in plant-based meat substitutes, Thursday reported a wider loss for the fourth quarter, despite an increase in revenues. The numbers also missed the consensus

Virgin Galactic stock tanks on delayed test flight

Virgin Galactic (NYSE: SPCE) reported fourth-quarter 2020 financial results after the regular market hours on Thursday. The space tourism company reported zero revenue in the fourth quarter, compared to $529,000

Tags

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top