Bonds & Rates
Home›Bonds & Rates›Economy›US jobless claims fall below forecast as labor market…
US jobless claims fall below forecast as labor market looks steady
Initial claims dropped to 187,000, while continuing claims eased to 1.796 million, both beating economists' expectations.
Forexlive reports that the latest weekly US jobless claims data showed another downside surprise, with initial unemployment claims falling to 187,000, below the 212,000 consensus forecast. The prior week’s figure was revised to 209,000 from an earlier 208,000, reinforcing the pattern of improvement.
The report also indicated continuing claims declined to 1.796 million, compared with 1.807 million expected. Prior continuing claims were revised to 1.798 million from 1.805 million, according to Forexlive.
Forexlive said the latest readings add to the view that softer claims seen earlier in the summer were largely tied to seasonal weakness rather than a meaningful deterioration in labor market conditions. It noted that other employment indicators continue to show layoffs remain historically low despite elevated interest rates and policy and geopolitical uncertainty.
Overall, Forexlive said the sharp misses to the downside in both initial and continuing claims support the narrative of a resilient US economy and help reduce concerns that employment conditions are worsening.