United States Initial Jobless Claims

US initial jobless claims held steady at 213,000 for the week ending November 23rd, below market expectations of 216,000. The results extended the view that the US labor market remains at historically strong levels despite the aggressive tightening cycle by the Federal Reserve in the last quarters, adding leeway for the central bank to slow the pace of monetary loosening should inflation remain stubbornly high. The four-week moving average, which reduces week-to-week volatility fell by 1,250 to 217,000. On the other hand, the non-seasonally adjusted claim count rose by 29,101 to 243,389, with sharp increases in California (+4,974), Illinois (+2,924) and Pennsylvania (+2,758). Moreover, outstanding claims rose to 1,907,000 in the prior week, the most since November 2021.