(7th of December) Daily News Update by LQDFX

  1. 86 Posts.

    7thDecember 2023

    Thursday

    On Thursday, December 7, 2023, the United States isscheduled to release its Unemployment Claims figures.


    USD – Unemployment Claims

    While typically considered a lagging indicator, the unemployment rate is a crucial measure of economic well-being since consumer spending closely mirrors the state of the job market. Additionally, unemployment figures are a significant factor for decision-makers in shaping the nation's monetary policy.

    In the latest labor market update for the week ending November 25, the United States saw a slight uptick in initial jobless claims. The seasonally adjusted figure rose to 218,000, marking a 7,000 increase from the prior week's revised level, which itself was adjusted upward by 2,000 to 211,000. However, the four-week moving average, a more stable measure, dipped slightly to 220,000, a reduction of 500 from the previous week's revised average. In a related development, the seasonally adjusted insured unemployment rate for the week ending November 18 climbed modestly to 1.3%, a 0.1 percentage point increase from the previous week. The number of people receiving unemployment benefits also rose, reaching 1,927,000 - the highest since November 27, 2021. This figure represents an 86,000 increase from the preceding week's revised level. Concurrently, the four-week moving average for insured unemployment reached 1,865,750, the highest since December 11, 2021, and an increase of 28,750 from the prior week's revised average.

    TL;DR

    Metric

    Current Week

    Previous Week

    Change

    Notable Point

    1

    Initial Jobless Claims

    218,000

    211,000 (before revision)

    +7,000

    Slight uptick in jobless claims

    2

    Prior Week's Revised Level

    211,000

    209,000 (before revision)

    +2,000

    Revised upward by 2,000

    3

    Four-Week Moving Average (Jobless Claims)

    220,000

    220,500

    -500

    Slight dip in the average

    4

    Insured Unemployment Rate

    1.3%

    1.2%

    +0.1 percentage points

    Modest increase

    5

    Number Receiving Unemployment Benefits

    1,927,000

    1,841,000

    +86,000

    Highest since Nov 27, 2021

    6

    Four-Week Moving Average (Insured Unemployment)

    1,865,750

    1,837,000

    +28,750

    Highest since Dec 11, 2021

    The Forecasts suggest a moderate increase in unemployment claims, moving up from the previous figure of 218,000 to an anticipated 225,000.

    The upcoming release of the Unemployment Claims is scheduled for Wednesday, December 7, 2023, at 1:30 PM GMT.

    The last time, the US Unemployment Claimswas announced on the 30th of November, 2023. You may find the marketreaction graph (GBPUSD M5) below:

    https://hotcopper.com.au/data/attachments/5797/5797976-b3793e7269aa1f9de591ee4e6f0ad1a1.jpg
 
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