ZINGER KEY POINTS
- Jobless claims decreased by 4,000 for the week ending Nov. 12 to 222,000.
- The number came in below average economist estimates of 225,000.
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U.S. initial jobless claims ticked slightly lower last week, showing strength in the labor market despite continued rate hikes from the Federal Reserve.
What Happened: Jobless claims decreased by 4,000 for the week ending Nov. 12 to 222,000 from an upwardly revised level of 226,000 in the prior week, according to the latest Labor Department data.
The number came in below average economist estimates of 225,000.
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The previous week’s level of 226,000 was revised up by 1,000. The four-week moving average was 221,000, an increase of 2,000 from the previous week’s revised average. The previous week’s average was revised up by 250 from 218,750 to 219,000.
Continuing claims jumped to 1.507 million in the week ended Nov. 5, an increase of 13,000 from the previous week’s revised level.