28128
US Jobless Claims Revisit 42-Year Lows
World Economy

US Jobless Claims Revisit 42-Year Lows

The number of Americans filing new applications for unemployment benefits fell back to a 42-year low last week, suggesting the labor market remained strong despite an abrupt slowdown in job growth in the past two months, Reuters reported.
Initial claims for state unemployment benefits fell 7,000 to a seasonally adjusted 255,000 for the week ended Oct. 10, the Labor Department said on Thursday. Claims were last at this level in July, which was the lowest since November 1973.
Claims for the prior week were revised to show 1,000 fewer applications received than previously reported. It was the 32nd straight week that claims remained below the 300,000 threshold, which is normally associated with a strengthening labor market.
The low level of layoffs is in sharp contrast with the recent cool-off in employment growth. Nonfarm payrolls growth in August and September averaged 139,000, the weakest two-month rise since January last year.
The slowdown is puzzling given job openings are at record highs. Some economists say the step-down in hiring is because employers cannot find qualified workers for the open jobs.
Economists polled by Reuters had forecast claims rising to 270,000 last week. A Labor Department analyst said there were no special factors influencing the data.
The four-week moving average of claims, considered a better measure of labor market trends as it irons out week-to-week volatility, fell 2,250 to 265,000 last week, the lowest level since December 1973.
The claims report showed the number of people still receiving benefits after an initial week of aid fell 50,000 to 2.16 million in the week ended Oct 3.
That was the lowest reading since November 2000 and suggested the long-term unemployed were finding jobs.

Short URL : https://goo.gl/y3CbLE
  1. https://goo.gl/nT8VaV
  • https://goo.gl/WZgQp3
  • https://goo.gl/bFJ3OG
  • https://goo.gl/mVkst7
  • https://goo.gl/4Fa4pr

You can also read ...

 An overwhelming 86% of Germans believe their economy is doing well, up from 75% last year.
Conditions for investors around the world are getting worse....
Greece Remains Under Supervision
Greece will remain under supervision after it exits its...
Tax Reform  Can Boost  US Economy
The American electorate is more than ready for Washington...
Pak GDP Growth Predicted at 10% Over 10 Years
Researchers from Harvard University’s center for international...
South Korea’s jobless rate has risen steadily in recent years.
South Korea’s unemployment rate has risen steadily in the past...
Britons have been borrowing heavily through personal loans and credit cards over the last 18 months.
Consumer borrowing grew at almost 10% in August, official...
Jordan Economy Continues to Grow
While the public sector continues to play a prominent role in...
China Rust Belt Opens Doors
Trucks carrying hi-tech car components rumble in and out the...

Trending

Googleplus