First-time unemployment filings ticked lower for the first time in four weeks after notching a three-month high in the previous reading, suggesting some of the Omicron-related disruptions that have recently weighed on the labor market’s recovery may be easing.
The Labor Department released its weekly jobless claims report Thursday morning and here are the main metrics compared to consensus estimates compiled by Bloomberg:
- Initial jobless claims, week ended Jan. 22: 260,000 versus 265,000 expected and upwardly revised to 290,000 during prior week
- Continuing claims, week ended Jan. 15: 1.7 million versus 1.6 million expected and downwardly revised to 1.6 million during prior week
The agency’s latest print fell to a better-than-expected 260,000 from the previous week’s figure, which reflected the third straight increase for initial jobless claims and another dent in the months-long downward trajectory of filings. Claims from the prior read came in near the 300,000 level at 286,000 in an unexpected jump from the revised tally of 231,000.
A rush in U.S. workers applying for unemployment insurance was attributed to disruptions from the Omicron COVID-19 variant and adjusted workforces following the seasonal hiring increase during the holidays. In December, claims reached a half-century low of 188,000 as employers attempted to retain workers amid labor shortages.
Click here to read the full report from Alexandra Semenova at Yahoo Finance.