US initial jobless claims flat in early November

Initial jobless claims were unchanged at 276k in the week ending November 7, in line with the forecast (275k) and a touch above consensus expectations (270k). The four-week moving average moved up to 268k (previous: 263k) due to the modestly higher readings on initial claims in the prior three weeks. Continuing unemployment claims for the week ending October 31 rose to 2.174mn from an upwardly revised prior-week reading of 2.169mn (initial: 2.163mn), bringing the series modestly above consensus expectations (2.155mn) in the latest week.

The four-week moving average of continuing claims ticked up to 2.165mn (previous: 2.163mn) yet the insured unemployment rate was steady at 1.6%. The Labor Department reported no special factors in this morning's report.

"The modest increases in initial and continuing jobless claims in recent weeks are in line with the historical volatility of both series, and we remain constructive on the health of US labor markets",says Barclays.