· Initial
unemployment insurance claims increased 9,000 last week to 315,000 and
reversed half of the revised decline during the prior week. The increase
matched Consensus expectations.
· The latest figure covers the December survey period for nonfarm payrolls and claims fell 8,000 (-2.5%) from the November period.
· During the last ten years there has been a (negative) 77% correlation between the level of initial claims and the m/m change in nonfarm payroll employment.
· The four-week
moving average of initial claims fell to 325,750 (+2.9% y/y).
· Continuing claims for unemployment insurance rose 45,000 and reversed all of the prior week's decline.
· The
insured rate of unemployment remained at 1.9% for the seventh
consecutive week and equaled the average rate since February.· Interest Rates, Carry Trades, and Exchange Rate Movements from the Federal Reserve Bank of San Francisco can be found here.