US weekly jobless claims increase, but labor market remains stable
SPY•Initial jobless claims rose 9,000 to 200,000 in the week ended November 7, while continuing claims fell 20,000 to 1.697 million. Claims remained near recent lows, and the report said the labor market remained stable.
1. Claims rise modestly
Initial claims for state unemployment benefits increased 9,000 to a seasonally adjusted 200,000 in the week ended November 7, above economists’ forecast of 195,000. Claims have stayed at or below 200,000 since mid-September.
2. Continuing claims fall
Continuing claims, a proxy for hiring, declined 20,000 to a seasonally adjusted 1.697 million in the week ended October 31. The median duration of unemployment rose to 11.9 weeks in October, its longest since November 2021.
3. Labor market context
Economists said layoffs were expected to remain low through year-end, though seasonal volatility could cause spikes in claims. The report said recent data showed October payrolls surged and the unemployment rate fell to 4.1% from 4.2% in September. Financial markets had nearly priced in a 25-basis-point Federal Reserve rate hike in December.
