Initial claims unexpectedly rise, traders step up bets on Fed rate cuts next year

BlockBeats reports that on December 12, the number of initial jobless claims in the United States unexpectedly rose last week, and the number of people receiving unemployment benefits at the end of November continued to rise from the start of the year, due to a slowdown in labor demand. The U.S. Department of Labor reported Thursday that for the week ending December 7, the number of initial jobless claims rose by 17,000, to a seasonally adjusted 242,000. Economists had expected only 220,000 initial claims for last week. The increase may reflect fluctuations following the Thanksgiving holiday and does not necessarily signal a sudden change in labor market conditions. Initial claims could continue to fluctuate in the coming weeks, making it difficult to get a clear reading of the labor market. Traders are increasing their bets on a Federal Reserve rate cut next year. (Jin Shi)

Source: BlockBeats