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The Labor Department reported that initial jobless claims unexpectedly declined last week as the expected jump in claims due to the California fires have not materialized. First time claims in regular state programs recorded 207,000 for the week ending January 25th, after the prior week’s report of 223,000. The four-week moving average declined to 212,500 from 213,500 the prior week. Continuing claims, a proxy for people who are already receiving benefits and still can’t find a job, declined 42,000 to 1,858,000 for the week ending January 18th. The insured unemployment rate, the number of people currently receiving unemployment insurance as a percentage of the labor force, remained at 1.2%.
The Federal Reserve Open Market Committee released their decision on the federal funds rate at the first meeting of 2025. As anticipated, the Fed opted to keep the rate unchanged, maintaining the range between 4.25% and 4.50%.
The Consumer Price Index (CPI) for the month of December showed an increase of 0.4% m/m and +2.9% y/y. Compared to November that showed a m/m increase of 0.3% and a y/y change of +2.7%.
The Labor Department reported that initial jobless claims fell last week, but continuing claims surged again. The end of year can be very volatile due to the end of seasonal work, retirements and several other factors. First time claims in regular state programs recorded 201,000 for the week ending January 4th, after the prior week’s report of 211,000. The four-week moving average dropped to 213,000 from 223,250 the prior week. Continuing claims, which include people who have received unemployment benefits for a week or more, surged 33,000 to 1,867,000 for the week ending December 28th. The elevated continuing jobless claims are putting upward pressure on the median duration of unemployment, which rose to 10.5 weeks in November, up from 9.0 a year earlier. The insured unemployment rate, the number of people currently receiving unemployment insurance as a percentage of the labor force, remained at 1.2%.
People who had been awaiting interest rate cuts from the Federal Reserve got their wish. Jerome Powell and his Fed team delivered three rate cuts in the second half of the year: one in September of .5% followed by second cut in November of .25% and a third cut in December of .25%.
Deon Daugherty, Editor-in-Chief at Hart Energy’s Oil and Gas Investor Magazine, recently co-hosted the Stephens Energy Investment Banking Group’s latest entry in the virtual thought leadership webinar series, Capital Thinking: Energy Insights for Today’s Market.
The Federal Reserve Open Market Committee released its decision on the federal funds rate earlier today at the December meeting. As expected the Fed Funds rate was cut by 25 bps to a range of 4.25%-4.50%.
The Labor Department reported that initial jobless claims rose last week to a two month high, with a large increase in claims from California, which was hit by wildfires in early December. Jobless claims could surge toward the end of the year after Boeing Co. presented measures to cut costs that includes a 10% reduction in the workforce. First time claims in regular state programs recorded 242,000 for the week ending December 7th, after the prior week’s report of 225,000. The four-week moving average climbed to 224,250 from 218,500 the prior week. Continuing claims, which include people who have received unemployment benefits for a week or more, increased 15,000 to 1,886,000 for the week ending November 30th. The insured unemployment rate, the number of people currently receiving unemployment insurance as a percentage of the labor force, dropped back to 1.2% after climbing to 1.3% two weeks earlier.
The Consumer Price Index (CPI) for the month of November showed an increase of 0.3% m/m and +2.7% y/y. Compared to October that showed a m/m increase of 0.2% and a y/y change of +2.6%.
The Labor Department reported that initial jobless claims rose last week in a volatile session due to the Thanksgiving holiday. Jobless claims are set to jump toward the end of the year after Boeing Co. presented a range of measures to cut costs, including a 10% reduction in the workplace. First time claims in regular state programs recorded 224,000 for the week ending November 30th, after the prior week’s report of 215,000. The four-week moving average climbed to 218,250 from 217,500 the prior week. Continuing claims, which include people who have received unemployment benefits for a week or more, decreased 25,000 to 1,871,000 for the week ending November 23rd. The insured unemployment rate, the number of people currently receiving unemployment insurance as a percentage of the labor force, remained unchanged from the previous week at 1.3%.
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