Employment Report Gives Fed and Markets Little Concern


US initial jobless claims 261K higher-than-expected v 245K expectations

Last week came in at 250K
Continuing claims 1867K versus 1920K estimate
Prior week revised lower in continuing claims to 1902K versus 1914K
The 4-week moving average was 250,750, an increase of 9,000 from the previous week’s unrevised average of 241,750.

The largest increases in initial claims for the week ending December 30 were in New Jersey (+9,507), Pennsylvania (+6,850), Michigan (+5,920), Ohio (+5,773), and Wisconsin (+5,274),
The largest decreases were in California (- 9,876), Kentucky (-5,485), Texas (-4,219), Oklahoma (-1,737), and Florida (-1,528).

Note: Claims taking procedures continue to be disrupted in the Virgin Islands. The claims taking process in Puerto Rico has still not returned to normal.