24 November 2022 | Other

US weekly jobless claims hit 3-month high

Last week, the number of Americans filing new claims for unemployment benefits rose to a three-month high. This sharp increase in applications is due to the increase in the number of layoffs in the technology sector. However, this does not indicate a significant change in conditions in the labor market, which is still tight.

Economists urged the public not to attach great importance to the rise in weekly jobless claims that the US Department of Labor announced on Wednesday. Economists also noted that unemployment data tends to be volatile at the start of the holiday season. They attributed this to companies temporarily closing or slowing down hiring during the holidays.

According to Isfar Munir, an economist at Citigroup in New York, the increase in applications could be interpreted as evidence of a softening labor market. However, economists say we cannot be interpreting it this way, as the holiday season brings more volatility to this data. Understanding the impact of seasonal patterns versus layoffs can be easier in January.



Company MarketCheese
Period: 01.05.2025 Expectation: 1000 pips
GBPUSD to test level of 1.34 again
25 April 2025 55
Brent sell
Period: 01.05.2025 Expectation: 660 pips
Trade uncertainty and excess OPEC+ supply are dragging down Brent
25 April 2025 40
Period: 29.04.2025 Expectation: 600 pips
USDCAD to head towards 1.39400 after rebounding from 1.38200
25 April 2025 35
Period: 02.05.2025 Expectation: 1669 pips
AUDCAD gains on potential easing of trade tensions between US and China
25 April 2025 35
Period: 30.04.2025 Expectation: 12000 pips
ETHUSD set to test upper boundary of downtrend channel
24 April 2025 90
Period: 25.04.2025 Expectation: 500 pips
AUDUSD to fall to 0.63000
24 April 2025 45
Go to forecasts