Jobless Claims Plunge To 1969 Levels ‘Due Entirely To Distortions’

Jobless Claims Plunge To 1969 Levels ‘Due Entirely To Distortions’

US jobless claims plunged last week to the lowest in more than 50 years, data out ahead of the Thanksgiving holiday showed. 199,000 Americans filed for unemployment benefits in the week to November 20, down 71,000 from the prior week's upwardly revised level. It was the largest drop since May (figure below) and took the four-week moving average to a new pandemic-era low of 252,250. While welcome, the headline print is likely misleading. A quirk in the seasonal adjustment element may have co
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