US Jobless Claims Plunge, Private Hiring Slows In December

WASHINGTON, Jan 5, (UrduPoint / Pakistan Point News - 05th Jan, 2017 ) - US initial claims for unemployment insurance plunged in the final week of 2016, while private-sector firms hired at a slower pace in December, according to two reports Thursday.

The new data gave a fairly upbeat picture of the labor market just a day before the release of the closely watched US jobs report for December, although analysts now say employment could come in lower than previously expected.

Jobless claims in the week ended December 31 dropped by 28,000 to 235,000, according to the weekly report from the Labor Department. That was the year's biggest drop, which put the level well below analyst expectations for 265,000 initial claims.