The number of initial jobless claims in the United States slightly decreased last week, indicating continued resilience in the labor market
As of the week ending November 16, the number of initial jobless claims in the United States fell to 213,000, the lowest level since April 2024, and below the market expectation of 220,000. The number of continuing claims rose to 1.908 million, higher than expected. Analysts pointed out that despite the impact of hurricanes and strikes, the number of layoffs remains low, indicating resilience in the labor market. This data may influence the Federal Reserve's interest rate cut decision in December
According to the latest data released by the U.S. Department of Labor on Thursday, the number of initial jobless claims in the U.S. for the week ending November 16 fell slightly to 213,000, marking a new low since the week of April 27, 2024, and lower than the market expectation of 220,000 and the previous value of 217,000.
In addition, the number of continuing jobless claims for the week ending November 9 rose to 1.908 million, higher than the market expectation of 1.873 million and the revised previous value of 1.872 million; the four-week average of initial jobless claims for the week ending November 16 decreased to 217,700, with the previous value revised from 221,000 to 221,500.
It is reported that this latest initial jobless claims data covers the Veterans Day holiday, which may bring some volatility. Analysts pointed out that although there was a surge in the number of people applying for unemployment benefits in early October due to disruptions caused by hurricanes "Helen" and "Milton" as well as strikes by workers at Boeing (BA.US) and another aerospace company, the number of layoffs remains low, alleviating the impact of the slowdown in hiring on the labor market.
Furthermore, analysts indicated that the unexpected decline in the number of initial jobless claims last week suggests that after a sudden slowdown last month due to hurricanes and strikes, non-farm employment growth in November may rebound. The non-farm employment report for November could determine whether the Federal Reserve will cut interest rates again in December