Summary
- US new unemployment claims exceeded market expectations, indicating that the job market is cooling down.
- The US fourth quarter GDP preliminary figure rose 2.3% compared to the previous quarter, in line with market expectations.
- These market indicators suggest that the labor market overheating is somewhat easing.
Last week's new unemployment claims in the United States exceeded market expectations.
According to the US Department of Labor's announcement on the 27th (local time), new unemployment claims reached 242,000, exceeding the market expectation of 222,000. This was also higher than the previous week's revised figure (220,000).
Continuing unemployment claims, representing those who have claimed unemployment benefits for two consecutive weeks, were 1,862,000, slightly below the market expectation (1,870,000).
The preliminary US GDP for the fourth quarter of last year, announced on the same day, rose 2.3% compared to the previous quarter, in line with market expectations.
New unemployment claims are one of the indicators that can gauge the overheating of the US labor market. The increase in unemployment claims can be interpreted as a sign that the overheated job market is cooling down.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
