US jobless claims at higher-than-expected monthly high
Make us a preferred source
Make us a preferred source on Google
The news: US weekly jobless claims rose by a higher-than-expected 9,000 to a seasonally adjusted 224,000 last week, according to the Labor Department.
The numbers: Economists polled by Reuters had forecast 215,000 claims for the week ending 30 November. The increase put the metric at a one-month high - influenced by typical holiday-related volatility - but still at an historically healthy level.
Continuing claims, representing the number of people receiving unemployment benefits after an initial claim, fell by 25,000 to 1.87 million during the week ending 23 November.
Data from outplacement firm Challenger, Gray & Christmas show 58,000 planned layoffs in November, a 27% increase year-over-year, driven by cuts in the technology and auto industries. Year-to-date, planned cuts are 5.2% higher.
The context: The data comes ahead of the government’s monthly job report, due Friday, a key data input for the Federal Reserve’s next interest rate decision, scheduled for 18 December.
Economists and traders expect the central bank to cut interest rates for the third time this year.
