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Last week saw US initial jobless claims fall to 194K
- Initial Jobless Claims fell to 194K from the previous week’s level.
- Continuing Jobless Claims climbed to 1.728M.
US initial unemployment insurance claims fell to 194K in the week ending 17 October, according to figures published on Thursday by the US Department of Labour (DOL). The number of US citizens filing new applications was below the initial forecast of 200K and the previous week’s reading of 200K, which had been revised from 199K.
At 197.75K, the 4-week moving average was also down, falling by 1K from the previous week’s revised figure of 198.75K.
For the week ending 10 October, the report showed a 25K increase in Continuing Jobless Claims to 1.728M.
US Dollar regains ground
With the US Dollar Index (DXY) trading near 101.80 on Thursday, the Greenback is posting solid gains as renewed buying interest reverses some of its recent multi-day decline.
Employment explained
As a central measure of an economy’s health, labour market conditions play a significant role in determining currency valuations. By supporting consumer spending and, in turn, economic growth, high employment or low unemployment strengthens the domestic currency. A particularly tight labour market, where too few workers are available to fill vacancies, can also affect inflation and monetary policy: strong demand for labour combined with limited supply pushes wages higher.
For policymakers, the rate of wage increases across an economy is an important consideration. When wages rise rapidly, households have more money available to spend, which usually pushes up consumer goods prices. Wage increases are unlikely to be reversed, so wage growth is regarded as a key contributor to underlying, persistent inflation, unlike more volatile drivers such as energy prices. This is why central banks worldwide monitor wage data closely when setting monetary policy.
A central bank’s objectives determine how much importance it places on labour market conditions. Alongside controlling inflation, some central banks have explicit employment-related mandates. Promoting maximum employment and stable prices forms the dual mandate of the US Federal Reserve (Fed), for instance, whereas the European Central Bank’s (ECB) sole mandate is to keep inflation under control. Whatever their mandates, however, policymakers regard labour market conditions as important because they indicate the health of the economy and have a direct relationship with inflation.
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