Us Initial Jobless Claims Fall To Eight Month Low To End 2024
BloombergDEC 22 2024
US Jobless Claims Hit Nine-Month Low
Image copyright:Â Allison Joyce/Contributor/Bloomberg via Getty Images
The Facts
Weekly unemployment claims in the US decreased by 9K to 211K last week, reaching the lowest level since March. In addition, the four-week average declined by 3.5k to 223,250.
The total number of Americans receiving unemployment benefits dropped by 52K to 1.84M, marking the lowest level since September.
Monthly job creation has shown a gradual cooling trend, with employers adding an average of 180K jobs monthly through November in 2024, down from 251K in 2023, 377K in 2022, and a record 604K in 2021.
The Spin
Democratic narrative
As the Biden administration winds down, the labor market is in fine shape, as it has shown an impressive level of resiliency. In general, companies are holding onto their workers, and any moderating of the labor market is normal and no cause for concern.
Republican narrative
The current administration wants to cherry pick the data to present a rosy picture, but the fact is economic growth is expected to slow in 2025, and that'll further hamper job creation. Luckily, the Trump administration is on the way to institute better policies.
Metaculus Prediction
Sign Up for Our Free NewslettersSign Up for Our Free Newsletters
Sign Up!
Sign Up Now!