According to the latest report from the US Department of Labor (DoL), there were 267,000 initial claims for US unemployment benefits in the week ending on the 6th of November. That was 2,000 more than expected, but down 4,000 from the week prior and, according to the DoL, "is the lowest level for initial claims since March 14, 2020 when it was 256,000". Last week's initial jobless claims number was revised higher to 271,000 from 269,000.
Continuing Jobless Claims unexpectedly rose to 2.16M from 2.105M in the week ending on 30 October, versus expectations for a fall to 2.095M. The four-week average initial jobless claims number fell to 278,000 from 285,250 the week prior. The insured unemployment rate remained unchanged at 1.6% as of the week ending on 30 October.
Market Reaction
The US dollar saw some kneejerk strength, though this likely had more to do with the latest US Consumer Price Inflation report, which showed inflation in October much higher than expected.
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