Jobless Claims Fall Substantially From Prior Week, Monster Employment Index Hits Record

- Initial Jobless Claims last week fell to 324K versus estimates of 325K and 358K the prior week.
- Continuing Claims rose to 2524K versus estimates of 2460K and 2467K prior.

BOTTOM LINE: Fewer US workers filed first-time applications for jobless benefits last week, retreating from a 13-month high that was inflated by holiday adjustments, Bloomberg reported. The four-week moving-average rose to 328,750 from 325,250 the prior week. The unemployment rate among those eligible to receive benefits, which tracks the US unemployment rate, held steady at 1.9%. Moreover, the Monster Employment Index hit a record high in November, according to data released this morning. I continue to believe the job market will remain healthy over the intermediate-term without generating substantial unit labor cost increases.