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Posted on: Thursday, November 25, 2021 – 8:34 AM | Last update: Thursday, November 25, 2021 – 8:34 am
The US Department of Labor stated that the number of jobless claims fell during the past week to 199 thousand applications after taking seasonal variables into account, while the average forecast of analysts who were surveyed by Bloomberg News Agency was 260 thousand applications.
At the same time, the bigger decline than expectations may be due to the US government adjusting raw data according to seasonal fluctuations, according to Lou Crandall, chief economist at Wrightson ICAP.
After the unemployment data was released, Kendall said that “this is a complete seasonal distraction and most of this decline will disappear in the next week.”
It is noteworthy that the number of applications for unemployment benefits during the past week, before seasonal variables were taken into account, increased by 18 thousand applications compared to the previous week.
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