The U.S. Department of Labor released the latest unemployment benefits data on Thursday (1st). The adjusted number of initial jobless claims reported last week was 225,000, a decrease of 16,000 from the revised previous value of 241,000 and lower than market expectations of 235,000. . However, the number of people continuing to claim unemployment benefits rose to the highest level since February this year, suggesting that in a cooling labor market, it is more difficult for unemployed people to find new jobs.
As of the week of November 26, the adjusted number of initial jobless claims in the United States was 225,000, lower than market expectations of 235,000, the revised previous value was 241,000, and the 4-week moving average was 227,000.
For the week ended November 19, the adjusted number of Americans continuing to receive unemployment benefits was 1.608 million, an increase of 57,000 from the unrevised 1.551 million last week and above market expectations of 1.573 million, the 4-week moving average The value reported is 1.5085 million people.
Economists have been watching the number of continuing unemployment benefits closely in recent weeks because it is a measure of how hard it is for people to find new jobs following losing their jobs, and a spike in the data also hints at a looming recession. While continuing claims have been rising for the past two months, they remain near record lows.
While big technology companies and the banking industry have begun laying off workers, this is still limited to a few industries. Meanwhile, data released last week showed fewer job openings and slower wage growth in October, suggesting demand for workers may be starting to weaken.
In terms of initial unemployment benefits, market analysis pointed out that the data tends to fluctuate greatly around holidays. Last week, just following the Thanksgiving holiday, the four-week moving average that eliminated this volatility rose slightly to 228,750.
The November non-agricultural report will be released on Friday (2nd). External estimates will show that U.S. employers will reduce their hiring in November, and the number of new jobs will fall to 200,000, compared with the previous value of 261,000. It will remain at 3.7%, unchanged from the previous value.