US initial jobless claims fall to 217,000

(Sharecast News) - Americans lined up for unemployment benefits at a decelerated pace in the week ended 9 November, according to the Labor Department. Initial jobless claims fell by 4,000 to 217,000, better than market expectations for an increase to 223,000 but still the smallest drop since May.

Continuing claims fell by 19,000 to 1.87m, while the four-week moving average, which aims to strip out week-to-week volatility, decreased by 6,250 to 221,000.

The jobless figures go a way to support the view that the US labour market remains at historically strong levels despite the aggressive tightening cycle implemented by the Federal Reserve in recent quarters, giving the central bank room to slow the pace at which it looks to loosen monetary if inflation continues to remain stubbornly high.







Reporting by Iain Gilbert at Sharecast.com