According to our analysis USDJPY and EURUSD moved 64 pips and US500 moved 14 points on US CPI and US Jobless Claims data on 11 September 2025.
USDJPY (39 pips)
EURUSD (25 points)
US500 (14 points)
Charts are exported from JForex (Dukascopy).
US Economy Watch: Claims Jump to 263K, CPI Re-Accelerates to 2.9% YoY
Date: September 11, 2025 (8:30 a.m. ET releases)
Sources: U.S. Department of Labor (weekly jobless claims) & U.S. Bureau of Labor Statistics (CPI)
1) Labor market: initial claims pop to a 4-year high
Initial jobless claims (SA): 263,000 for the week ending Sept. 6, up 27,000 from the prior week’s revised 236,000.
This is the highest level since Oct. 23, 2021 (268,000).
4-week moving average: 240,500 (+9,750), signaling a clear uptrend beyond weekly noise.
Continuing claims (SA): 1.939 million for the week ending Aug. 30, unchanged; insured unemployment rate steady at 1.3%.
Unadjusted detail (signals beneath the seasonal factors):
Initial claims (NSA): 204,581, up 7,869 week over week. Seasonal factors had expected a decrease, so the upside surprised.
Continuing claims (NSA): 1,814,469, down 77,729 from the prior week.
State color:
Biggest weekly increases in initial claims (NSA) for the week ending Aug. 30: Tennessee (+2,870; manufacturing layoffs), Connecticut (+2,270), New York (+1,683; transportation/warehousing, construction, arts & recreation), Illinois (+1,331; manufacturing, wholesale, retail, construction).
Biggest decline: Kentucky (-2,833; manufacturing layoffs).
Highest insured unemployment rates (week ending Aug. 23): New Jersey (2.8%), Rhode Island (2.5%), Massachusetts (2.2%), Washington (2.1%); California, Connecticut, Minnesota, Puerto Rico (2.0%).
How to read it:
The spike to 263K breaks the prior 220–240K range and lifts the trend (4-week avg 240.5K). Continuing claims are flat, so we’re not yet seeing broad, persistent job loss, but leading indicators are flashing cooling momentum.
2) Inflation: August CPI firmed, led by shelter and energy
Headline CPI (SA): +0.4% m/m in August (vs. +0.2% in July).
Year-over-year: +2.9%, up from 2.7%.Core CPI (ex-food & energy): +0.3% m/m (same as July); +3.1% YoY.
Key drivers (m/m):
Shelter: +0.4% (largest contributor).
Food: +0.5%; food at home +0.6% (broad-based, with fruits & vegetables +1.6%; beef +2.7%).
Energy: +0.7% with gasoline +1.9%.
Mixed core components: airline fares +5.9%, used vehicles +1.0%, new vehicles +0.3%; medical care -0.2%.
12-month lens:
Headline: 2.9%; Core: 3.1%.
Food: +3.2% YoY; Energy: +0.2% YoY with a split—gasoline -6.6% vs. electricity +6.2% and natural gas +13.8%.
Shelter: +3.6% YoY (still sticky).
What it means:
Inflation progress stalled modestly in August: headline ticked up and core stayed firm at 0.3% m/m. The stickiness in shelter plus rebounds in travel/vehicles kept disinflation from accelerating.
3) The combined picture: cooling jobs momentum + sticky core
A higher claims print alongside firmer CPI complicates the near-term policy read: labor is loosening at the margin, but price pressures—particularly in shelter and select services—remain not-quite-tame.
Markets and policymakers will watch whether claims stay above ~250K and whether core CPI can downshift below 0.2–0.25% m/m in coming months.
4) Fast facts & charts (text version)
Initial claims: 263K (highest since Oct. 2021)
4-wk avg: 240.5K
Continuing claims (SA): 1.939M; IUR: 1.3%
CPI (Aug): +0.4% m/m, 2.9% YoY
Core CPI: +0.3% m/m, 3.1% YoY
Big movers: Shelter +0.4% m/m; Food at home +0.6%; Gasoline +1.9%; Airline fares +5.9%
State hotspot: TN manufacturing layoffs; CT, NY, IL saw sizable increases in new claims
5) What to watch next
Next CPI: Oct. 15, 2025 (Wed), 8:30 a.m. ET (September data)
Weekly claims: Every Thursday, 8:30 a.m. ET—watch for confirmation of the step-up above 250K.
Shelter measures: Any moderation here would meaningfully aid core disinflation.
Disclaimer: This blog post is for informational purposes only and should not be construed as financial advice. Always conduct thorough research and consider seeking advice from a financial professional before making any investment decisions.
Source: https://www.dol.gov/ui/data.pdf, https://www.bls.gov/news.release/cpi.nr0.htm
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