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US DATA: Better Initial Claims Clashes With Weaker Continuing Claims

US DATA
USEM BulletFixed Income BulletsData BulletBulletMarketsEmerging Market NewsForeign Exchange BulletsNorth America
  • Initial jobless claims surprised lower at 213k (sa, cons 220k) in the week to Nov 16, a payrolls reference week, after an upward revised 219k (initial 217k).
  • That’s the lowest since April and compares with 242k and 222k in the Oct and September payrolls reference periods.
  • The four-week average fell further to 218k (-4k), its lowest since May and exactly in line with the 2019 average.
  • State-level contributions to the -17.75k decline in national non-seasonally adjusted initial claims were largest in California (-4.7k) as it unwound a prior increase but otherwise fairly broad-based.
  • Continuing claims provided a dovish offset though, surprising at 1908k (sa, cons 1880k) in the week to Nov 9 after an almost unrevised 1872k (initial 1873k).
  • The combination points to a continuation of labor market moderation characterized by slower re-hiring rather faster layoffs, with the pace of the latter actually seeing a healthy easing.  
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  • Initial jobless claims surprised lower at 213k (sa, cons 220k) in the week to Nov 16, a payrolls reference week, after an upward revised 219k (initial 217k).
  • That’s the lowest since April and compares with 242k and 222k in the Oct and September payrolls reference periods.
  • The four-week average fell further to 218k (-4k), its lowest since May and exactly in line with the 2019 average.
  • State-level contributions to the -17.75k decline in national non-seasonally adjusted initial claims were largest in California (-4.7k) as it unwound a prior increase but otherwise fairly broad-based.
  • Continuing claims provided a dovish offset though, surprising at 1908k (sa, cons 1880k) in the week to Nov 9 after an almost unrevised 1872k (initial 1873k).
  • The combination points to a continuation of labor market moderation characterized by slower re-hiring rather faster layoffs, with the pace of the latter actually seeing a healthy easing.