The Dow Jones (DJIA) opened Wednesday higher after applications for initial U.S. unemployment benefits fell to their lowest level since April.
TipRanks Black Friday Sale
- Claim 60% off TipRanks Premium for the data-backed insights and research tools you need to invest with confidence.
- Subscribe to TipRanks' Smart Investor Picks and see our data in action through our high-performing model portfolio - now also 60% off
The Department of Labor announced that initial jobless claims for the week ended November 22 fell by 6,000 to 216,000 and were below the consensus estimate of 225,000. Continuing jobless claims, which track ongoing unemployment benefit recipients, were 1.96 million for the week ended November 15, slightly below the estimate of 1.963 million.
Hiring Stalls as Continuing Claims Remain High
Initial jobless claims have remained in a range since late-2021, while continuing jobless claims have steadily risen since September. That signals that employers are still hesitant to both fire and hire.
“Jobless claims remain low while continuing claims stay high,” said Schwab Center for Financial Research Chief Fixed Income Strategist Kathy Jones. “The low hiring/low firing job market remains intact.”
Consumers have expressed concern about the labor market, with The Conference Board’s Expectations Index showing that only 14.6% expect more jobs to be available over the next six months.
Stay ahead of macro events with our up-to-the-minute Economic Calendar — filter by impact, country, and more.