Economists surveyed by Dow Jones had cheery news for job seekers in the U.S., as the calendar leaves run out on 2021, this as the ravages of the omicron COVID variant ruined holiday celebrations for many Americans.
Initial claims for unemployment insurance came in at only 198,000 for the week ended Christmas Day. They were expected to total 205,000.
When adjusting for weekly volatility, the four-week moving average for claims came to 199,250, the lowest level since Oct. 25, 1969.
The Dow survey also says the numbers reflect an increasingly tight labour market and come with the Federal Reserve pulling back on some of the historically accommodative policy it put in place during the crisis. The national unemployment rate has dropped to 4.2%, a far cry from the 14.8% peak in April 2020.
