FX.co ★ US Initial Jobless Claims Hold Low Levels

The number of people filing for unemployment benefits in the US rose by 9,000 to 200,000 in the week ending November 7th, slightly above the median forecast of 195,000. Despite this uptick, claims remained well below historical norms. Continuing claims, which measure the total number of people receiving unemployment benefits, declined by 13,000 to 1,679,000 in the final week of October, matching the lowest level since March 2023. Overall, the figures continue to signal a resilient labor market in the second half of the year, as highlighted by FOMC members, even in the face of elevated interest rates and high energy costs. Meanwhile, initial claims filed by federal employees—closely watched amid the administration’s efforts to streamline the public sector—edged up by 33 to 585.