According to a report by ChainCatcher, data from the US Department of Labor shows that the number of initial jobless claims increased slightly last week. The number of initial jobless claims in the week ending November 30 was recorded at 224,000, compared to 215,000 in the previous week. Economists surveyed by The Wall Street Journal had previously forecast that the number of initial jobless claims in the most recent week would be 215,000. The number of continuing jobless claims fell to 1.87 million, compared to 1.9 million in the previous week. The data indicates that the number of initial jobless claims has risen, but remains relatively stable. The November employment report will be released on Friday. Analysts expect that the November employment report will show a significant rebound in employment after the October employment data was affected by hurricanes and the Boeing strike.
After the US initial jobless claims data showed the labor market may be softening, US Treasury yields lost some momentum, and the US dollar weakened, which strengthens the case for the Federal Reserve to cut interest rates. The number of initial jobless claims last week was 224,000, higher than the expected 215,000. The non-farm payroll number for November, which is expected to be released tomorrow, is forecast to jump from 124,000 in October to 214,000. The trade deficit narrowed to $73.8 billion in October, in line with expectations. The 10-year US Treasury yield was reported at 4.208%, and the 2-year yield was reported at 4.161%, both higher than the previous day.
