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Initial Claims Maintain Surprising Resilience

US DATA
  • Initial claims were stronger than expected at 216k in the week to Dec 17 (cons 222k) after 214k, in a week which should capture the payrolls reference period.
  • The 4-week average of 222k is down from 230k at the turn of the month, surprisingly moving closer to the 218k averaged through 2019 in what was a historically tight labour market as opposed to expectations of claims beginning to climb with the jobs market slowing to more of an equilibrium pace.
  • Continuing claims meanwhile hold their recent climb at 1672k (cons 1678k) but still compare favourably to 2019 levels.

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