At the end of November, seasonally adjusted initial claims for unemployment benefits rose by 9,000, reaching a total of 224,000.
The figure for the previous week was revised upward by 2,000, from 213,000 to 215,000. The 4-week moving average increased by 750 to 218,250, compared to the prior week's revised average of 217,500, which had been adjusted upward by 500 from 217,000.
As of November 23, the seasonally adjusted insured unemployment rate stood at 1.2%, reflecting a 0.1 percentage point decrease from the previous week’s unrevised rate. The number of seasonally adjusted insured unemployed individuals fell by 25,000 to 1,871,000 for that week. The prior week’s figure was revised downward by 11,000, from 1,907,000 to 1,896,000. Additionally, the 4-week moving average for insured unemployment decreased by 3,250 to 1,884,250, compared to the previous week’s revised average of 1,887,500, which had been adjusted downward by 2,750 from 1,890,250.
Source: US Department of Labor
A deepening sell-off in technology and artificial intelligence stocks pressured financial markets, forcing investors to liquidate precious metals holdings to cover losses elsewhere.
Escalating Middle East tensions pushed oil prices higher following a deadly drone strike on Saudi Aramco's Shaybah facility, renewing inflation concerns and expectations for further Federal Reserve tightening.
Rising oil prices renewed inflation concerns as uncertainty surrounding the US-Iran conflict and continued disruptions in the Strait of Hormuz reinforced expectations for further monetary tightening.
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