US DATA
The jobless claims data continued the recent trend where firms are cooling re-hiring rather than actively looking at layoffs.
- Initial jobless claims were broadly in line, dipping to 213k (sa, cons 215k) in the week to Nov 23 after an upward revised 215k (initial 213k).
- That small upward revision doesn’t alter an improvement for the then payrolls reference week, comparing favorably to the 242k and 222k in relevant Oct and Sept weeks.
- The four-week average inched to 217k (-1k) for its lowest since early May and broadly remaining at the 2019 average as layoffs remain at healthy levels.
- Continuing claims meanwhile surprisingly increased to 1907k (sa, cons 1892k) for the week to Nov 16 after a downward revised 1898k (initial 1908k), i.e. maintaining a fresh three-year high.
- This compares far less well to prior payrolls reference periods of 1888k and 1827k.
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