US initial jobless claims and continuing claims
- initial jobless claims 885K vs. 818 K estimate
- 4 week moving average 812500 vs. 778250 last week
- continuing claims 5508K vs 5700K estimate
- 4 week moving average 5726.25K vs 5941.75K last week
- The largest increases in initial claims for the week ending December 5 were in California (+48,341), Illinois (+33,485), Texas (+22,729), Pennsylvania (+16,955), and New York (+16,814),
- The largest decreases were in Louisiana (-2,666), Kentucky (-1,151), New Mexico (-378), the Virgin Islands (7), and North Dakota (96).
The impact from the surging coronavirus and the absence of stimulus aid is causing the worsening jobs picture. This will continue to pressure Washington lawmakers to pass additional fiscal stimulus now and in the future.
The data from this week is in the survey week for next month's employment report to be released the 1st Friday of the new year (and new month). The trend with 2 weeks of declining employment/higher claims, will point toward a weaker jobs report ahead.
