The number of Americans filling for unemployment benefits was 230k million in the week ended December 3, compared to 225k reported in the previous week. Today’s reading came in line with market expectations. The 4-week moving average which removes week-to-week volatility was 230K, the highest level since the last week of August. Non-seasonally adjusted data showed claims rose the most in California (16.057K), amid a big tech layoff, followed by Texas (7.9K) and Georgia (7.57K). Initial claims averaged 224K so far in the fourth quarter, a level consistent with tight labour market.
Continuing claims reading, which lags initial jobless claims data by one week, jumped to 1.671 million from 1.608 million, while analysts expected a decrease to 1.600 million. It was the highest reading since February 2022, which points out that labor market is gradually cooling and Americans who are losing their job are having more trouble finding a new one.
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Claims jumped to highest level since early February. Source: Bloomberg via ZeroHedge
EURUSD barely reacted to the today’s data release. The main currency pair is moving towards short-term resistance zone in the 1.0540 area. Source: xStation5
