Prior was 212K (revised to 213K)Continuing claims 1868K vs 1850K expectedPrior 1833K (revised to 1822K)
Initial claims beat, while continuing claims miss. They are both in the range of estimates though and not showing any material change. The market reaction has been minimal as the focus remains on the US-Iran war.
Tomorrow, we have the US NFP report. The February jobs data up until now has been good as ADP beat expectations yesterday and the employment indices in the ISM PMIs have improved further.
WHAT DO JOBLESS CLAIMS MEASURE?
The US Jobless Claims indicator is a high-frequency economic report that tracks how many people are applying for state unemployment benefits. It is considered one of the most timely gauges of the health of the US labor market because it is released every Thursday at 8:30 a.m. ET, providing data that is only a few days old. The report, issued by the Department of Labor, is divided into two primary categories:
Initial Jobless Claims
The number of new (first-time) applications for unemployment insurance filed by individuals who have recently lost their jobs.
This is a leading indicator. It provides the earliest signal of a shifting economy; a steady rise in initial claims often precedes a recession, while a decline suggests the economy is starting to recover.
Continuing Jobless Claims
The number of people who have already filed an initial claim and are still receiving benefits.
This is a lagging or coincident indicator. It measures the “persistence” of unemployment. If continuing claims stay high, it means unemployed workers are having a hard time finding new jobs.
This article was written by Giuseppe Dellamotta at investinglive.com.