U.S. jobless claims better than expected, V-shaped recovery in place: Chief economist
U.S. filings for unemployment benefits declined for the first time in three weeks but remained elevated, while consumer spending and incomes fell in November by more than forecast, underscoring the coronavirus’s drag on the economy.
Initial jobless claims in regular state programs dropped by 89,000 to 803,000 in the week ended Dec. 19, according to the Labor Department Wednesday, compared with the median projection of economists for 880,000. On an unadjusted basis, claims fell by about 73,000.
A separate Commerce Department report showed consumer spending, which accounts for a majority of the economy, dropped 0.4 per cent last month, while personal income dropped 1.1 per cent.