Overview
- Initial claims rose by 44,000 to 236,000 for the week ended Dec. 6, exceeding the 213,000 consensus forecast and marking the biggest weekly increase since March 2020.
- The four-week moving average of new claims ticked up to 216,750, smoothing out holiday-related volatility.
- Continuing claims fell by 99,000 to 1.84 million for the week ended Nov. 29, the lowest since mid-April.
- The Federal Reserve cut its benchmark rate by a quarter point for a third straight meeting to support a labor market that officials describe as gradually cooling.
- Private payroll firm ADP estimated a loss of 32,000 jobs in November, and recently announced layoffs at major companies may appear in official data with a lag.