U.S. jobless claims decline in mid-November, hint at no change in labor market conditions

Jobless claims drop in the U.S. in mid-November. The initial jobless claims dropped 13,000 to 239k in the week ended 18 November from a revised 252k in the prior week. The fall was a bit larger than expected and returns claims to where they were before the landfall of the three large hurricanes in August and September.

However, the four-week average in initial claims rose slightly to 240,000 from 239k. The initial jobless claims of 239k are modestly above where they were in the October survey week. The four-week moving average of 240k is improved over the 249k observed in the October survey week, stated Barclays in a research report.

“On balance, we see the claims data as signaling no particular change in labor market conditions form a month ago”, noted Barclays.

Meanwhile, continuing claims increased by 36,000 to 1.904 million in the week ended 11 November, fully retracing the drop observed in the week ended 4 November. The four-week moving average in continuing claims remained stable at 1.890 million, whereas the insured jobless rate rose to 1.4 percent.

At 17:00 GMT the FxWirePro's Hourly Strength Index of US Dollar was highly bearish at -114.281. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest