US jobless claims drop sharply latest week

Washington (AFP) – New applications for US jobless benefits fell by 89,000 last week after two weeks of increases but remain high as Covid-19 cases have spiked, according to government data Thursday. Applications fell to 803,000 in the week ended December 19 from an upwardly-revised 892,000 in the prior week, according to the seasonally-adjusted Labor Department data. That was far below the level economists had been expecting, although analysts warn that the reports can be erratic due to seasonal adjustment errors around the holidays. New claims for special pandemic jobless benefits — which a…

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HEDGE accordingly