The number of initial unemployment claims in the United States has dropped more than expected

On December 19, the number of people in the United States applying for unemployment benefits last week fell more than expected, consistent with a gradual cooling of the job market. The U.S. Department of Labor announced on Thursday that as of the week ending December 14, initial claims for unemployment benefits decreased by 22,000 to an adjusted figure of 220,000 (Reuters survey was at 230,000). Initial claims for unemployment benefits have entered a period of fluctuation which may make it difficult for people to have a clear understanding of the labor market. A series of indicators including applications for unemployment benefits and job vacancies suggest that employment conditions are much looser than before COVID-19 pandemic but labor market is slowing down in an orderly manner.