The number of Americans filing new claims for unemployment benefits increased less than expected last week, pointing to a still tight labor market, while the economy rebounded faster than previously estimated in the third quarter.
Initial claims for state unemployment benefits rose 2,000 to a seasonally adjusted 216,000 for the week ended Dec. 17, the Labor Department said on Thursday. Economists polled by Reuters had forecast 222,000 claims for the latest week.
Federal Reserve Chair Jerome Powell last week said "it feels like we have a structural labor shortage out there." The claims data covered the period during which the government surveyed business establishments for the nonfarm payrolls component of December's employment report.Economists believe that companies are likely to cut back on hiring before embarking on layoffs. Employers have been generally reluctant to lay off workers after struggling to find labor during the COVID-19 pandemic.
The so-called continuing claims, a proxy for hiring, had trended higher since early October. Some economists, however, had argued against reading the steady rise in continuing claims as a sign of easing labor market conditions. They note that most workers preferred not to start a new job during the holiday period and companies also temporarily closed this time.
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