Initial and continued claims for unemployment benefits fall more than expected

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The Department of Labor reported that Initial claims for unemployment benefits were 779,000 in the week ended January 30, which represented a 33,000 drop from the previous figure. The market consensus was 830,000. It was the third consecutive week with losses and the lowest figure since late November.

Regarding the continued subsidy requestsThese were reduced by 193,000 to 4,592,000 in the week ended January 23. In this way, it accumulated three weeks in a row with losses, marking a new low since March.

At the same time, it was known that non-agricultural productivity fell 4.8% in the fourth quarter, more than the expected decrease of 3%. Unit labor costs increased 6.8%, much more than the expected rise of 3.9%. In the previous quarter, productivity fell 7% (revised from -6.6%).

The Friday will be the turn of the official January employment report. Following figures from Wednesday’s ADP report and employment indicators included in recent ISM and Markit PMI reports, expectations for the figures to be higher than expected have been raised.

The dollar it remained unchanged after recent data, validating gains on all fronts, although far from the highs of the day. In any case, the pound was the best performer, strengthened after the Bank of England meeting.


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