United States Initial Jobless Claims

The number of Americans filing new claims for unemployment benefits rose by 23 thousand from the previous period, the most in 8-weeks, to 230 thousand in the week ending January 8th, compared with market expectations of 200 thousand, as a surge in coronavirus cases led by the Omicron variant disrupted activity from airlines to schools. Still, claims remained below their pre-pandemic level, suggesting labor market conditions continued to tighten as the US economy expanded at a solid pace and demand for labor remained strong. Claims hit a 52-year low of 188 thousand during the first week of December. On a non-seasonally adjusted basis, initial claims jumped by 104 thousand to 419 thousand, with notable increases being recorded in California (12.8 thousand), New York (10.8 thousand), Texas (9.4 thousand), Kentucky (8.5 thousand), and Missouri (7.3 thousand).