US Initial Jobless Claims Rebound More than Expected
Initial jobless claims in the US rose by 14,000 from the previous week to 217,000 in the period ending January 11th, 2024, firmly above market expectations of 210,000 to mark a sharp bounce from the upwardly revised, 11-month low touched in the first week of January.
Despite the sharper increase, weekly claim counts remained below averages from the second half of 2024, pointing to the continuation of a relatively strong labor market in the US that has allowed the FOMC to increase its hawkish rhetoric. In turn, outstanding claims fell unexpectedly fell to 1,859,000 in the period ending January 4th, extending its pullback from the peak of 1,908,000 from early November.
Source: Trading Economics