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Initial Claims See Further Pushback On Challenger Job Cut Spike

US DATA
  • Initial jobless claims came in exactly as expected for last week at 230k, +4k from a marginally upward revised prior week.
  • The trend is slowly climbing with the four-week average also up to 230k, pushing further above the 2019 average of 218k but still historically low and another pushback against the tech-led notable spike in Challenger job cuts for November.
  • Continuing claims meanwhile came in higher than expected, rising from 1609k to 1671k (cons 1618k) for the highest since February but potentially distorted by the Thanksgiving holiday.

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