The number of jobless claims in the US unexpectedly fell to a three-year low at the beginning of last week, and the job market showed no signs of deterioration

The Zhitong Finance App learned that data released on Thursday showed that the number of jobless claims in the US at the beginning of the week ending November 29 was 191,000, a new low since the week of September 24, 2022, falling short of the 220,000 expected by the market. The number of jobless claims renewed for the week ending November 22 was 1.939,000, and the market forecast was 1.961,000; the four-week average number of jobless claims as of the beginning of November 29 was 2147,500. This lower-than-expected initial jobless claim data shows that the US labor market still shows no signs of significant deterioration, but it doesn't seem to have much impact on the Fed's interest rate cut prospects this month. According to CME's “Federal Reserve Watch” tool, traders expect the probability that the Fed will cut interest rates by 25 basis points this month is 87.4%.

According to reports, this data includes the Thanksgiving holiday last Thursday, and application data during the holiday period usually fluctuates greatly. The current level of initial jobless claims is in line with the historically low layoffs, which may ease market concerns about a sharp deterioration in the labor market. The ADP employment report on Wednesday showed that the number of people employed in the private sector fell the most in more than two and a half years in November.

Notably, the Bureau of Labor Statistics's much-publicized November non-farm payrolls report was originally scheduled to be released on Friday, but was delayed due to the government shutdown, and is now scheduled to be released on December 16. Economists believe that the US labor market is still in a state of “no layoffs or recruitment.”