The numbers: Initial jobless claims rose 5,000 to 225,000 in the week ended November 5, the U.S. Labor Department said Thursday.
Economists polled by The Wall Street Journal had estimated new claims would rise 2,000 from last week’s initial estimate of 219,000.
Key details: The number of people already collecting jobless benefits rose by 6,000 to 1.49 million.
Big picture: Labor market conditions remain tight – at least for now. The government reported last week that the economy added 261,000 jobs in October.
Still, economists think the pace of the Federal Reserve’s recent rate hikes will eventually slow the economy and cause firms to layoff workers.
In recent days, Facebook parent Meta
META,
and other tech giants have announced layoffs.
Market reaction: Stocks
DJIA,
SPX,
were set to open sharply higher on Thursday after the October consumer inflation report came in better than expected while the yield on the 10-year yield
TMUBMUSD10Y,
slipped below 4%.
