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Last week saw US Initial Jobless Claims climb to 200K
- Initial Jobless Claims rose to 200K, exceeding the previous week’s level.
- Continuing Jobless Claims fell, reaching 1.697M.
US initial applications for unemployment insurance rose to 200K in the week ending 7 November, according to Thursday’s report from the US Department of Labour (DOL). The number of US citizens filing new claims exceeded the initial forecast of 195K and the previous week’s figure of 191K, which was revised from 189K.
At 195.25K, the 4-week moving average was unchanged from the previous week’s revised reading.
For the week ending 31 October, Continuing Jobless Claims declined by 20K to 1.697M, the report showed.
US Dollar holds gains after the release
Following the release, the US Dollar Index (DXY) is trading just below the 103.00 barrier. The Greenback is retaining its gains for the day, keeping the index’s strong recovery intact.
Employment questions answered
As an important measure of an economy’s health, labour market conditions play a central role in determining currency valuations. When employment is high, or unemployment low, consumer spending and economic growth tend to benefit, supporting the domestic currency. A particularly tight labour market, where too few workers are available to fill vacancies, can also affect inflation and monetary policy: strong demand for labour alongside limited supply pushes wages higher.
For policymakers, the rate of wage increases across an economy is a crucial consideration. Rapid pay growth gives households more money to spend and usually pushes up consumer goods prices. Unlike more volatile inflation drivers, such as energy prices, wage growth is regarded as a key element of underlying, persistent inflation because pay rises are unlikely to be reversed. Decisions on monetary policy therefore involve close scrutiny of wage growth figures by central banks worldwide.
A central bank’s objectives determine the importance it places on labour market conditions. For some, the mandate explicitly includes labour market goals alongside inflation control. Promoting maximum employment and stable prices, for instance, forms the dual mandate of the US Federal Reserve (Fed). By contrast, the European Central Bank’s (ECB) sole mandate is to keep inflation under control. Whatever their mandates, policymakers regard labour market conditions as important, both as an indicator of economic health and because of their direct link to inflation.
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