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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
US DATA
- Initial jobless claims increased to a seasonally adjusted 218k (cons 218k) in the week to Nov 25 after a slightly upward revised 211k (initial 209k).
- Continuing claims were far more notable, rising to a seasonally adjusted 1927k (cons 1865k) in the week to Nov 18, a payrolls reference period, from 1841k (initial 1840k).
- At face value it's an ominous figure, the highest since Nov'21 and suggestive of slower hiring.
- However, this 86k increase in the SA figure came despite a 98k decrease in the NSA data. That’s notable as the average for the same week in ‘normal’ years (which we define as 2016-19 and 2022) was a 1k increase.
- We’ve previously published the below chart and last week mentioned how the surprising decline in continuing claims had been helped by the most favorable adjustment (i.e. pushing claims lower) of the year. This week, the same process has seen us having to double the scale for the most unfavorable adjustment – see below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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