Economic Research
US: Initial claims move down to 217,000
November 9, 2023
US: Initial claims move down to 217,000
US: Initial claims move down to 217,000
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US: Initial claims move down to 217,000

Initial claims declined from 220,000 to 217,000 during the week ending November 4, coming out close to expectations. Filings have been coming in at low levels recently through some noise in the weekly figures, which signals continued strength in the labor market. Continuing claims, meanwhile, rose from 1.812mn to 1.834mn during the week ending October 28. While continuing claims filings are now up in seven straight weeks (in seasonally adjusted terms) the levels of filings remain low by broad historic standards.

Jobless claims (regular state programs, seasonally adjusted)
Sep 23 Sep 30 Oct 7 Oct 14¹ Oct 21 Oct 28 Nov 4
Initial claims (000s) 205 209 211 200 212 220 217
Weekly change 3 4 2 -11 12 8 -3
4-week moving average 211 209 207 206 208 211 212
Weekly change -6 -2 -3 -1 2 3 2
Continuing claims (000s) 1672 1705 1727 1783 1812 1834
Weekly change 7 33 22 56 29 22
4-week moving average 1670 1675 1692 1722 1757 1789
Weekly change -3 6 17 30 35 32
Insured unemployment rate (%) 1.1 1.2 1.2 1.2 1.2 1.2
Source: US Department of Labor, J.P. Morgan forecasts.1. Employment survey week.

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Completed 09 Nov 2023 08:56 AM ESTDisseminated 09 Nov 2023 08:56 AM EST