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Last week saw US Initial Jobless Claims fall to 189K
- Initial Jobless Claims fell to 189K from the previous week’s level.
- Continuing Jobless Claims climbed to 1.718M.
Initial applications for unemployment insurance by US citizens fell to 189K in the week ending 31 October, according to figures published on Thursday by the US Department of Labour (DOL). The reading was below the initial estimate of 196K and the previous week’s 195K, which had been revised from 194K.
At 194.75K, the 4-week moving average was also lower, falling by 2.25K from the previous week’s revised figure of 197K.
For the week ending 24 October, the report showed a 23K rise in Continuing Jobless Claims to 1.718M.
US Dollar Regains Ground
With the US Dollar Index (DXY) trading around 101.60 on Thursday, the Greenback is posting modest gains as renewed upward momentum recoups some of the previous day’s losses.
Employment: Key Questions Answered
As an important measure of an economy’s health, labour market conditions play a central role in determining currency values. When employment is high, or unemployment is low, consumer spending and economic growth benefit, supporting the domestic currency. Inflation and monetary policy can also be affected by a particularly tight labour market, where too few workers are available to fill vacancies: strong demand for labour combined with limited supply pushes wages higher.
For policymakers, the rate of pay growth across an economy is an important consideration. Rapid wage increases give households more money to spend, which typically pushes up consumer goods prices. Because pay rises are unlikely to be reversed, wage growth is regarded as a major contributor to underlying, persistent inflation, unlike more volatile drivers such as energy prices. This is why central banks worldwide closely monitor wage data when setting monetary policy.
A central bank’s objectives determine how much emphasis it places on labour market conditions. For some, an explicit employment-related mandate sits alongside the task of controlling inflation. For instance, the US Federal Reserve (Fed) has a dual mandate to promote maximum employment and stable prices, whereas the European Central Bank’s (ECB) sole mandate is to keep inflation in check. Whatever their mandates, however, policymakers regard labour market conditions as an important consideration because they indicate the economy’s health and have a direct relationship with inflation.
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