by Calculated Risk on 12/31/2020 08:37:00 AM

The DOL reported:

In the week ending December 26, the advance figure for seasonally adjusted initial claims was 787,000, a decrease of 19,000 from the previous week's revised level. The previous week's level was revised up by 3,000 from 803,000 to 806,000. The 4-week moving average was 836,750, an increase of 17,750 from the previous week's revised average. The previous week's average was revised up by 750 from 818,250 to 819,000.
emphasis added

This does not include the 308,262 initial claims for Pandemic Unemployment Assistance (PUA) that was down from 396,948 the previous week.

The following graph shows the 4-week moving average of weekly claims since 1971.

Click on graph for larger image.

The dashed line on the graph is the current 4-week average. The four-week average of weekly unemployment claims increased to 836,750.

The previous week was revised up.

The second graph shows seasonally adjust continued claims since 1967 (lags initial by one week).

At the worst of the Great Recession, continued claims peaked at 6.635 million, but then steadily declined.

Continued claims decreased to 5,393,440 (SA) from 5,457,941 (SA) last week and will likely stay at a high level until the crisis abates.

Note: There are an additional 8,459,647 receiving Pandemic Unemployment Assistance (PUA) that decreased from 9,271,112 the previous week (there are questions about these numbers). This is a special program for business owners, self-employed, independent contractors or gig workers not receiving other unemployment insurance. 

An additional 4,772,853 are receiving Pandemic Emergency Unemployment Compensation (PEUC) that decreased from 4,793,230 the previous week.

This was close to expectations.