- Jobless claims: 211k vs 195k expected (190k previously)
- Continuing Jobless Claims: 1718k vs 1659k expected (1655k previously)
- The 4-week moving average was 197k, an increase of 4k from the previous week's unrevised average of 193k.
This is the highest since December 2022. Source: DOL
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Overall, the total number of US citizens on some form of unemployment benefit continues to hover near one-year highs. Source: Bloomberg via ZeroHedge
Earlier Challenger Job Cuts report showed US-based employers announced 77.77K job cuts in February, compared to 102.943K in January which was the highest reading since September of 2020. However, is the biggest total for a February month since 2009. Job cuts occurred in all 30 industries, led by Technology companies (21,387) and the Health Care/Products space (9,749). The tech sector has announced 35% of all job cuts in 2023. “Certainly, employers are paying attention to rate increase plans from the Fed. Many have been planning for a downturn for months, cutting costs elsewhere. If things continue to cool, layoffs are typically the last piece in company cost-cutting strategies,” said Andrew Challenger, Senior Vice President of Challenger, Gray & Christmas, Inc.
So far this year, employers announced plans to cut 180,713 jobs, up 427% from the 34,309 cuts announced in the first two months of 2022 and the highest January-February total since 2009. Source: Bloomberg via ZeroHedge
Ahead of the crucial non-farm payrolls report on Friday, today figures point to first cracks of US labor market and slightly eased expectations that FED will stick to its hawkish approach.
EURUSD pair rose sharply and approaches resistance at 1.0580. Source: xStation5
