Investing.com – The number of people who filed for unemployment assistance in the U.S. last week fell more-than-expected, declining to the lowest level since May 2008, official data showed on Thursday.
In a report, the U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending December 10 fell by 19,000 to a seasonally adjusted 366,000, confounding expectations for a gain of 4,000 to 390,000.
The previous week’s figure was revised up to 385,000 from 381,000.
Claims have fallen below 400,000, a level historically associated with an improving labor market, in five of the past six weeks.
Continuing jobless claims in the week ended December 3 rose to 3.603 million, beating expectations for a gain to 3.640 million. Continuing claims for the previous week were revised up to 3.599 million from 3.583 million.
The average of new claims over the past four weeks decreased by 6,500 to 387,750, the lowest level since July 2008. The monthly average is seen as a more accurate gauge of labor trends because it reduces volatility in the week-to-week data.
Following the release of the data the U.S. dollar extended losses against the euro, with EUR/USD rising 0.41% to trade at 1.3037.
Meanwhile, stock index futures added to gains following the data. The Dow Jones Industrial Average futures pointed to a rise of 1.05%, S&P 500 futures climbed 1.15%, while the Nasdaq 100 futures indicated a gain of 0.9%.
In a report, the U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending December 10 fell by 19,000 to a seasonally adjusted 366,000, confounding expectations for a gain of 4,000 to 390,000.
The previous week’s figure was revised up to 385,000 from 381,000.
Claims have fallen below 400,000, a level historically associated with an improving labor market, in five of the past six weeks.
Continuing jobless claims in the week ended December 3 rose to 3.603 million, beating expectations for a gain to 3.640 million. Continuing claims for the previous week were revised up to 3.599 million from 3.583 million.
The average of new claims over the past four weeks decreased by 6,500 to 387,750, the lowest level since July 2008. The monthly average is seen as a more accurate gauge of labor trends because it reduces volatility in the week-to-week data.
Following the release of the data the U.S. dollar extended losses against the euro, with EUR/USD rising 0.41% to trade at 1.3037.
Meanwhile, stock index futures added to gains following the data. The Dow Jones Industrial Average futures pointed to a rise of 1.05%, S&P 500 futures climbed 1.15%, while the Nasdaq 100 futures indicated a gain of 0.9%.