US Initial Jobless Claims at 219,000, Exceeding Market Expectations

Minseung Kang

Summary

US initial jobless claims reached 219,000, exceeding market expectations of 215,000.
Continuing jobless claims came in at 1,869,000, below market expectations of 1,870,000.
The increase in initial jobless claims suggests the job market is cooling down.

Last week's US initial jobless claims exceeded market expectations.

According to the US Department of Labor on the 20th (local time), initial jobless claims came in at 219,000, surpassing the market expectation of 215,000. This was also higher than the previous week's revised figure (214,000).

Continuing jobless claims, representing those claiming unemployment benefits for two consecutive weeks, came in at 1,869,000, below the market expectation of 1,870,000.

Initial jobless claims serve as one of the indicators to gauge the overheating of the US labor market. An increase in jobless claims suggests a rise in unemployment, which can be interpreted as a sign that the job market is cooling down.