US DATA: Jobless Claims Maintain Low Fire Low Hire Profile

Today’s jobless claims were slightly higher than expected for both initial and continuing claims although don’t notably change perceptions of a low fire low hire labor market. Partly offsetting these larger than expected figures was the downward revision to continuing claims back in the payrolls reference period ahead of tomorrow’s NFP release. 

• Initial jobless claims were higher than expected at 219k (sa, cons 213k) in the week to Feb 1 after an upward revised 208k (initial 207k).
• The four-week average increased 4k to 217k, still low historically with an average 218k in 2019 for context.
• Continuing claims were also a little higher at 1886k (sa, cons 1870k) in the week to Jan 25 after a downward revised 1850k (initial 1858k).
• That prior continuing claims reading sees compare more favorably still to the 1897k seen in both December and November payrolls reference periods (although initial claims were higher at 223k vs 220k and 215k respectively).