First-time claims for U.S. unemployment benefits unexpectedly edged lower in the week ended December 28th, according to a report released by the Labor Department on Thursday.

The report said initial jobless claims slipped to 211,000, a decrease of 9,000 from the previous week’s revised level of 220,000.

The dip surprised economist, who had expected jobless claims to inch up to 222,000 from the 219,000 originally reported for the previous week.

With the unexpected decrease, jobless claims fell to their lowest level since hitting 209,000 in the week ended April 27, 2024.

At 10 am ET, the Commerce Department is scheduled to release its report on construction spending in the month of November. Construction spending is expected to rise by 0.3 percent in November after climbing by 0.4 percent in October.

The Energy Information Administration is due to release its report on oil inventories in the week ended December 27th at 11 am ET. Crude oil inventories are expected to slump by 2.8 million barrels after tumbling by 4.2 million barrels in the previous week.

At 11 am ET, the Treasury Department is scheduled to announce the details of this month’s auctions of three-year and ten-year notes and thirty-year bonds.