US initial jobless claims steady in November survey week

Initial jobless claims declined to 271k in the week ending November 14 (previous: 276k), in line with forecast and consensus expectations. The four-week moving average of initial claims ticked up to 271k (previous: 268k), as this month's survey-week reading came in modestly above the same period in October (259k).

Continuing jobless claims for the prior week were reported at 2.175mn (consensus: 2.176mn, previous: 2.177mn), and the four-week average was steady at 2.167mn. The Labor Department noted that jobless claims data for Louisiana were estimated this week. With the insured unemployment rate unchanged at 1.6%, labor market separations remain at historical lows.

"Modestly higher survey-week initial claims suggest November payroll growth moderated after the unexpectedly strong October reading of 271k. That said, we view US labor market strength as very much intact and expect another month of solid job gains to pave the way for the Fed to raise rates in December", says Barclays.