US DATA: Initial Claims Surprise With Highest Since Dec But No Standout Driver
Feb-27 14:05
- Initial claims were higher than expected at 242k (sa, cons 221k) in the week to Feb 22, after an upward revised 220k (initial 219k).
- The seasonally adjusted increase came as the 3k nsa decline offered a smaller drop than the adjustment factor was looking for rather than a particular increase (Massachusetts saw the largest increase of any state, with what looks like a fairly typical 3.7k).
- Note that it doesn’t look like there was a material influence from Maryland, Virginia and Washington DC from a federal government layoff angle (in addition to the deferred redundancy program that won’t show until Oct).
- Back to the seasonally adjusted data, the four-week average increased to 224k for its highest since December after steady readings in the 213-217k range, but is still only a little higher than the 218k averaged in 2019.
- Continuing claims meanwhile surprisingly fell to 1862k (cons 1871k) in the week to Feb 15 after a slightly downward revised 1867k (initial 1869k).
- This is a payrolls reference period for continuing claims, less favorable than the 1850k from the January period but still an improvement from two previous reference readings at 1897k.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
MNI EXCLUSIVE: MNI Reports On The Outlook For Fed Policy
Jan-28 14:04
MNI reports on the outlook for Federal Reserve policy -- On MNI Policy MainWire now, for more details please contact sales@marketnews.com
MNI:US NOV FHFA HPI SA +0.3% V +0.5% OCT; +4.2% Y/Y
Jan-28 14:00
- MNI:US NOV FHFA HPI SA +0.3% V +0.5% OCT; +4.2% Y/Y
SLOVAKIA: Fico To Meet w/Commission Thurs Amid Mounting Political Pressure
Jan-28 13:58
Reuters reports that Prime Minister Robert Fico will meet with European Commission officials in Brussels on Thursday 30 Jan to discuss the issue of gas transit into and through Slovakia. The meeting comes as Fico remains under significant political pressure following the gov't effectively losing its majority in the National Council and mass protests in cities across the country demanding the gov't revert back towards a pro-EU and NATO stance.
- Slovakia has threatened Ukraine with cutting assistance to refugees following Kyiv's halting of Russian gas supplies to Europe via its pipeline network since the start of 2025. The European Commission is continuing talks with Ukraine over the issue, with Slovakia and Hungary to be included in discussions. There is speculation that 'Azeri' gas could be piped to Slovakia as part of an agreement backed by Ukraine.
- While engaging with the EU on gas supplies, Fico is in a vulnerable position domestically. Following the expulsion of two deputies from the centre-left Hlas-SD party, which sits in the governing coalition, the gov't only holds 72 seats in the 150-member legislature. Controversial plans to amend the constitution, including provisions that would look to limit the primacy of EU law over Slovak law, have seen the protest movement's numbers swell.
- Fico has sought to downplay the scale of opposition, claiming that he is "not interested in political races, but only in the outcome.” Without some compromise with opposition deputies his gov't will remain at risk from confidence motions going forward.
