Jobless Claims

The number of Americans filling for jobless claims dropped to its lowest level marking 52-years low, according to last week's data U.S. Labor Department reported on Wednesday. Last week’s filings totaled at 199,000 vs. an estimate by Dow Jones of 260,000 and was also well below previous week’s 270,000. The Labor Department did not indicate any factors behind the sudden drop in claims which only could be translated to economic activity is accelerating. Meanwhile, unadjusted claims totaled 258,622 which is an increase of 7.6% from previous week’s number. Personal consumption expenditure (PCE) excluding volatile food and energy components increased by 0.4% last month compared to 0.2% in September. Core PCE in the last 12 month through October accelerated by 4.1% marking the largest increase since January 1991, according to Reuters. In a separate report the Commerce Department on Wednesday stated gross domestic product rose 2.1% in the third quarter an upward revision of 2.0% in October. Economists expect GDP to grow at an annualized rate of 4.8% in fourth quarter of the fiscal year which is to be released in January of 2022.