US initial jobless claims unexpectedly drop
By Michele Maatouk
Date: Thursday 17 Jan 2019
(Sharecast News) - The number of Americans filing for unemployment benefits unexpectedly dropped last week, according to data from the Labor Department.
US initial jobless claims fell by 3,000 from the previous week to 213,000, versus expectations for an increase to 220,000.
Meanwhile, the four-week moving average came in at 220,750, down 1,000 from the previous week's unrevised average.
The four-week average is considered more reliable as it smooths out sharp fluctuations in the more volatile weekly figures, giving a more accurate picture of the health of the labour market.
Amid the ongoing government shutdown, which is entering its 27th day, the number of federal employees filing for jobless benefits increased by 5,694 to 10,454 in the week ending 5 January.
Meanwhile, continuing claims - i.e. the number of people already collecting unemployment benefits - rose to 1.737m from a revised 1.719m the previous week, versus expectations for a level of 1.735m.
The four-week moving average of continuing claims came in at 1.728m, up 8,000 from the previous week's average, which was revised down by 750 to 1,720m.
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