US jobless claims drop to eight-month low

(Sharecast News) - Claims for unemployment benefits in the United States unexpectedly declined to their lowest level in nearly eight months over the Christmas period. Initial jobless claims fell to 211,000 in the week ended 28 December, down from a revised 220,00 (initial estimate: 219,000) the week before.

This was the fourth straight decline in weekly claims, below the consensus forecast of 222,000 and the lowest weekly reading since the week ended 27 April 2024.

The four-week moving average fell to 223,250 from 226,750.

Meanwhile, continuing claims - those who have already filed an initial claim and are still filing for benefits - declined to 1.844m from 1.896m, coming in well below the 1.890m expected by the market.