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US DATA: Initial Jobless Claims As Expected In First Week With No Storms Impact

US DATA
USGlobalEM BulletFixed Income BulletsData BulletBulletMarketsEmerging Market NewsForeign Exchange BulletsRegionNorth America
  • Initial jobless claims were broadly as expected at 221k (sa, cons 222k) in the week to Nov 2 after a slightly upward revised 218k (initial 216k).
  • Impacts from Hurricanes Helene and Milton have dissipated now. The six states most heavily impacted saw a typical 21.6k for the week down from 25.1k and the recent high of 36.1k in early October the first full week after Helene.
  • The four-week average fell from 237k to 227k as some of the early storm disruption drops out but that’s still impressive considering there’s only been one full week with no significant impact. For context, initial claims averaged 218k in 2019.
  • The non-seasonally adjusted 10.8k increase in national claims looks in keeping with the typical seasonal norm. That’s especially so for California (+4.3k) although Michigan (second largest increase with +3.6k) stands out a little more considering some recent, albeit temporary, increases. 
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  • Initial jobless claims were broadly as expected at 221k (sa, cons 222k) in the week to Nov 2 after a slightly upward revised 218k (initial 216k).
  • Impacts from Hurricanes Helene and Milton have dissipated now. The six states most heavily impacted saw a typical 21.6k for the week down from 25.1k and the recent high of 36.1k in early October the first full week after Helene.
  • The four-week average fell from 237k to 227k as some of the early storm disruption drops out but that’s still impressive considering there’s only been one full week with no significant impact. For context, initial claims averaged 218k in 2019.
  • The non-seasonally adjusted 10.8k increase in national claims looks in keeping with the typical seasonal norm. That’s especially so for California (+4.3k) although Michigan (second largest increase with +3.6k) stands out a little more considering some recent, albeit temporary, increases.