First-time jobless claims fell by 34,000 to a seasonally adjusted 388,000 in the week ending December 25, the Labor Department reported this morning, the lowest level since July 2008.
Economists had expected claims to have fallen to 415,000 from a revised 422,000 the previous week. Initial jobless claims peaked at 651,000 in March 2009.
The four-week average of new claims, which smooths out weekly volatility, fell by 12,500 to 414,000, which was also the lowest level since July 2008.
The number of people filing for continuing claims rose by 57,000 to a seasonally adjusted 4.13 million in the week ending Dec. 18, but the four-week average fell 37,250 to 4.12 million, the lowest level since November 2008. The continuing claims number does not include people receiving extended benefits under federal programs.
The Labor Department will issue its December jobs report next Friday. Economists expect that about 100,000 new jobs were added to the economy in December.
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