In today’s weekly report the Department of Labor reported 268,000 new claims were filed during the week ending November 26 by those who recently lost employment, a rise from the prior week’s unrevised level of 251,000. During the past two weeks, the figure has been climbing from its lowest level since November 1973. The streak of initial jobless claims below 300k now extends to 91 consecutive weeks, the longest since 1970. The data was worse than the analyst consensus estimate for 253,000 new claims, according to a Thomson Reuters survey.
Taking week-to-week volatility into consideration, the four-week moving average rose by 500 to 251,500 from last week’s average of 251,000.
Individuals continuing to receive unemployment benefits as of the week ending November 19 increased by 38,000 to 2.081 million from the prior week’s unrevised level of 2.043 million. Analyst were looking for a lower figure of 2.04 million.
Tomorrow, the Bureau of Labor Statistics will report its monthly job report. On average analysts are looking for 175,000 new jobs to have been added during November. The employment rate is expected to remain unchanged at 4.9%.
Markets at a Glance
The ICE US Dollar Index is trading lower on the day by 33 bps to 101.17. The S&P 500 futures are indicating a flat open for the stock market, currently trading at 2,199.25, higher by 0.25 points, or -0.01%. February gold futures are trading lower by 14 bps to $1,1172.1 per ounce, while January WTI crude oil futures are higher by about 2% to $50.38.