Initial Jobless Claims Increase to 224,000 in Late November
Jobs week continues with the latest initial claims report released this morning. The data is mixed but aligns with the 13-week moving average, marking the start of the holiday season, a period known for volatility.
Initial jobless claims rose to 224,000 for the week ending Nov. 30, exceeding analysts’ expectations of over 215,000 and an upwardly revised figure of 217,500 from the previous week.
The largest increases in initial claims were observed in Pennsylvania and Kentucky.
The overall 13-week moving average for initial claims stands at 226,000.
Continuing claims decreased slightly from 1.9 million to 1.87 million, against analysts' expectations of no change.
The report influenced market expectations regarding interest rates, reducing the anticipated likelihood of a 25-basis point cut later this month. Fed funds futures now indicate a 29.9% chance of maintaining current interest rates, up from 21.9% earlier in the week.
Following the release, stocks experienced minor dips but later recovered. The S&P 500 and Nasdaq Composite indexes traded flat, down 0.04% and 0.06%, respectively, by 2 PM ET.
Bitcoin remained around $101,000, continuing its rally after surpassing $100,000 for the first time on Tuesday evening. Further analysis on this development will follow.
Anticipation builds for the November jobs report scheduled for release tomorrow at 8:30 AM ET.