WASHINGTON — Initial jobless claims fell by 41,000 to 220,000 in the January 13 week, well below the 250,000 level expected and hitting the lowest level since February 24, 1973.
Claims tend to be volatile around the holidays due to the movements of seasonal workers, so analysts tend to view them cautiously.
The four-week moving average fell 6,250 to 244,500 and will likely fall again next week as the 247,000 level in the December 23 week drops out.
Continuing claims rose by 76,000 to 1.952 million in the January 6 week, further indicating the volatility of the holidays.
Labor said that claims taking procedures are still disrupted in the Virgin Islands. Arkansas, California, Hawaii, Kentucky, Maine, Puerto Rico, Virginia, and Wyoming all had estimates for their claim data, perhaps indicating a significant revision next week.
