Initial Unemployment Claims Inch Higher To 207,000 In Last Week Of 2021

Initial unemployment claims were higher than expected in the first reading of 2022, according to a U.S. Department of Labor report released on Thursday.

As of Jan. 1, the number of initial claims was 207,000, an increase of 7,000 from the previous week and higher than the 197,000 expected by forecasters.

These numbers remain low compared to those seen at the height of the COVID-19 pandemic and they have remained steady as the U.S fights back against a new surge in COVID-19 cases. The moving four-week average of claims was adjusted to 204,500.

This reading arrives just a day ahead of the Labor Department’s release of its monthly nonfarm payrolls report that gauges the number of jobs created in the economy. Outside data, including from payment processing firm ADP, has suggested that the job market was strong at the end of 2021 with an unexpected 807,000 jobs added in December.

Continuing claims, which measure the week behind the headline numbers in the Labor Department data, stood at 1,722,352, a 199,869 decrease from the previous week.