In the week of December 28, seasonally adjusted initial unemployment claims reached 211,000, a decrease of 9,000 from the revised 220,000 in the prior week.
The earlier figure was adjusted upward by 1,000, from 219,000 to 220,000. The 4-week moving average fell by 3,500 to 223,250, compared to the previous week’s revised average, which was increased by 250, from 226,500 to 226,750.
During the week ending December 21, the seasonally adjusted insured unemployment rate dropped to 1.2%, a decline of 0.1% from the previous week’s unrevised rate. Insured unemployment for that period stood at 1,844,000, a reduction of 52,000 from the revised 1,896,000 in the earlier week. The prior figure was revised downward by 14,000, from 1,910,000 to 1,896,000. The 4-week moving average of insured unemployment decreased by 6,750 to 1,870,750, with the previous week’s average revised down by 3,500, from 1,881,000 to 1,877,500.
Source: U.S. Department of Labor
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Escalating Middle East tensions pushed oil prices higher following a deadly drone strike on Saudi Aramco's Shaybah facility, renewing inflation concerns and expectations for further Federal Reserve tightening.
Rising oil prices renewed inflation concerns as uncertainty surrounding the US-Iran conflict and continued disruptions in the Strait of Hormuz reinforced expectations for further monetary tightening.
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