Investors Eye Fresh Jobless Readings

The Initial Jobless Claims for the week ending on November 6 will be revealed on Wednesday. New weekly jobless claims are expected to touch a fresh pandemic-era low again this week, as labour shortages and companies’ endeavors to bring about change and retain workers are helping to put a cap on the pace of firings and other separations.

The Labor Department is set to release its jobless claims report Wednesday morning, or a day earlier than usual due to the Veterans Day holiday on Thursday.

The main metrics expected from the print, compared to consensus estimates indicate that initial unemployment claims will be 260,000 expected vs. 269,000 during the previous week.

New jobless claims are expected to hold below the psychologically important 300,000 level for a five successive weeks and reach their lowest level since March 2020,

New claims have been coming in at less than half their rate from this time last year, when claims were averaging more than 700,000 per week.