U.S. unemployed claim little change in potential signs that layoffs have reached a plateau

Initial requirements for unemployment insurance were little changed in the last week, which indicates that the increased pace of redundancies during the pandemic may have hit a plateau, the Ministry of Labor reported on Thursday.

The first submissions for the week ending November 13 were 268,000, a decrease of 1,000 from a week ago and slightly higher than the Dow Jones estimate of 260,000.

The total was the lowest since the beginning of the pandemic, but in line with where the allegations have been in the last month.

The four-week moving average, which evens out the weekly volatility, fell to 272,750, just above the total for the most weekly number.

Continued claims, which go one week behind the headline figure, fell by 1[ads1]29,000 to 2.08 million, also a low point from the pandemic period which dates back to 14 March 2020.

Although the total for ordinary and persistent claims decreased, subsequent figures for those who received benefits under all programs for data increased sharply until 30 October. The total increased by 618,804 to 3.185 million.

Special pandemic-related emergency programs were terminated in most places in September, but the total for the Pandemic Unemployment Assistance program increased especially from October 23 to October 30, rising to 537,467.

The Ministry of Labor gave no explanation for the large increase in pandemic-related registrations.

A separate report on Thursday brought strong news for the industry and more signs of inflation.

The Philadelphia Federal Reserve’s monthly activity measure in the sector jumped 15 points to 39, representing the percentage difference between companies reporting expansion and contraction. It was well above the Dow Jones estimate of 23, driven by increases in employment and paid and received prices.

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