FX.co ★ US Initial Jobless Claims Hold at Tame Levels

During the week ending November 15th, initial jobless claims in the United States decreased by 8,000 from the previous week, reaching a total of 220,000. This figure remains significantly below the average levels recorded since the end of the second quarter. The latest release of this data was accompanied by several updates on claim counts, following a temporary suspension of activities by the Department of Labor due to the US government shutdown commencing on the first day of October. This shutdown posed employment risks for a substantial number of Federal government employees. Despite the softer increase in unemployment suggested by initial claims, continuing claims rose to 1.974 million by November 8th, marking the highest level since 2021 and indicating a slowdown in hiring activity. Concurrently, initial unemployment claims filed by Federal workers jumped to 5,719 for the week ending November 8th, up from 635 in September.