- Initial jobless claims exceeded consensus and rose to 223,000.
- Continuing claims for unemployment benefits rose to 1,899,000 in the week ending January 11.
US citizens who submitted new Unemployment insurance claims rose to 223,000 for the week ending January 17as reported by the US Department of Labor on Thursday. This figure fell short of estimates of 220,000 and was higher than the previous week’s count of 217,000.
The report also highlighted a seasonally adjusted insured unemployment rate of 1.2%, while the four-week moving average rose to 213,500, marking an increase of 750 from the previous week’s average of 212,750.
Furthermore, the Continued claims for unemployment benefits increased by 46,000 to reach 1,899,000 in the week ending January 11. The data worsens the figure of 1,860,000 expected by consensus.
Market reaction
The US Dollar Index (DXY) is almost flat on the day after the release, around 108.20.
economic indicator
Weekly unemployment benefit requests
Weekly unemployment benefit applications are published by the US Department of Labor and is a measure of the number of people who have filed their first claim for unemployment insurance. In other words, it provides a measure of strength in the labor market. A higher-than-anticipated number indicates weakness in the labor market, which influences the strength and direction of U.S. economic activity. In this way, a lower than expected reading is bullish for the dollar.
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Last post: Thu Jan 23, 2025 1:30 p.m.
Frequency: Weekly
Current: 223K
Dear: 220K
Previous: 217K
Fountain: US Department of Labor
Every Thursday, the US Department of Labor releases the number of initial claims for unemployment benefits for the previous week in the US. Since this reading could be very volatile, investors may want to pay more attention to the average four weeks. A bearish trend is considered a sign of an improving labor market and could have a positive impact on the performance of the USD against its rivals and vice versa.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
