Weekly Jobless Claims Fall to 3.5 Year Low

The Department of Labor reported today that seasonally-adjusted jobless claims fell to 366,000 for the week ending December 10, which is the lowest level since May 2008, three and-a-half years ago.  That was far below the increase to 390,000 claims that was expected by the market consensus, and another indication that the sub-par labor market is gradually improving.  The four-week moving average for weekly claims fell to 387,750, the lowest level since July 2008 (see chart above).