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US weekly jobless claims fall to two-month low




  • Weekly jobless claims fall 9,000 to 228,000
  • Still claims increase 33,000 to 1.754 million

WASHINGTON, July 20 (Reuters) – The number of Americans filing new claims for unemployment benefits fell unexpectedly last week, hitting a two-month low amid ongoing tight labor markets and defying efforts by the Federal Reserve to curb demand.

Initial claims for state unemployment benefits fell 9,000 to a seasonally adjusted 228,000 for the week ended July 15, the lowest level since mid-May, the Labor Department said Thursday. Economists polled by Reuters had forecast 242,000 claims for the past week.

“The claims data show that the labor market remains resilient and businesses have yet to start shedding workers at a rapid pace, despite the five percentage point tightening,” said Rubeela Farooqi, US chief economist at High Frequency Economics in White Plains, New York.

Unadjusted claims fell by 326 to 257,976 last week. Claims increased by 5,059 in California and increased by 4,616 in Georgia. There were also notable increases in registrations in South Carolina and Oregon. These were more than offset by significant declines in Michigan, Kentucky, Indiana, New York, New Jersey, Iowa and Illinois.

Reuters graphics

Although the labor market remains tight, last week’s decline in claims was likely exaggerated by difficulties in adjusting the data for seasonal patterns. Automakers normally idle in July to rebuild for new models.

But these temporary plant closures don’t always happen around the same time, which can throw off the model the government uses to remove seasonal fluctuations from the data. Claims, relative to the size of the labor market, are well below the 280,000 level that economists say will signal a significant slowdown in job growth.

The labor market remains tight as companies hoard workers after struggling to find workers during the COVID-19 pandemic, despite the economy slowing amid the Fed’s hefty rate hikes.

The US Federal Reserve, which has raised its key interest rate by 500 basis points since March 2022, is expected to resume rate hikes next month after skipping a hike at its June meeting.

The claims data covered the week when the government surveyed businesses for the nonfarm payrolls component of July’s employment report. The demands fell during the survey weeks in June and July. The economy created 209,000 jobs in June.

The number of people receiving benefits after a first week of assistance, a proxy for employment, rose 33,000 to 1.754 million in the week ended July 8, the claims report showed.

At today’s level, the so-called continuing requirements are low by historical standards, which indicates that some laid-off workers are quickly finding work.

Reporting by Lucia Mutikani; Editing by Andrea Ricci and Paul Simao

Our standards: Thomson Reuters Trust Principles.



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