Jobless Claims

Jobless Claims Plunge by More than Expected to Near 49 Year Low

The number of Americans filing for unemployment benefits fell by more than expected last week. Initial claims for state unemployment benefits dropped 8,000 to a seasonally adjusted 207,000 for the week ended Sept. 29, the Labor Department said Thursday. Hurricane Florence, which hit North Carolina and South Carolina last month, affected claims, according to the Labor Department. The largest increases in initial claims for the week ending September 22 was in North Carolina. Claims in South Caroline rose by 2,830, the third largest rise behind Kentucky. Economists had forecast claims falling by 1,000 to 213,000 in the latest week. A year ago there were 265,000 new claims. Claims were new the recent low of 202,000, hit during the week ended September 15. That was the lowest level since November 1969. The previous week’s level was revised up by 1,000 from 214,000 to 215,000. The 4-week moving average, considered a more reliable gauge of the labor market because it smoothes out week to week volatility, rose to 207,000, an increase of 500 from the previous week’s revised average. The number of people receiving benefits after an initial week of aid fell 13,000 to 1.65 million for the week ended Sept. 22. Continuing claims are reported with a week delay. The four-week moving average of continuing claims fell by 15,250 to 1.66 million, the lowest level since October 1973. Jobless claims, which are a proxy for layoffs, have been closely watched for signs that trade disputes would be a drag on the labor market. Earlier this year, economists predicted that the steel and aluminum tariffs imposed by the Trump administration would cost 400,000 jobs. That prediction now looks way too pessimistic. The jobless claims data has no impact on the monthly employment report, which is scheduled for release on Friday. Bloomberg’s survey of economists sees nonfarm payrolls likely increased by 18o,000 in September after rising 201,000 in August. The unemployment rate is expected to fall one-tenth of a percentage point to 3.8 percent, an 18-year low first hit in May.

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Jobless Claims Lower than Expected, Four Week Average Hits Lowest Level Since 1969

The number of Americans filing new applications for state unemployment benefits rose by less than expected last week, suggesting that the labor market is still very vigorous. New claims rose by just 3,000 to a seasonally adjusted 213,000 last week, the Labor Department said Thursday. After three consecutive weeks of declines, economists had forecast a rise to 214,000, according to Bloomberg. Jo0bless claims are an indication of layoffs and have been closely watched this year for signs that trade disputes might weigh on the U.S. labor market. So far, there are no signs that tariffs have cost the U.S. economy any jobs. The four-week moving average of claims, which smooths out weekly volatility and is considered by many economists to be a more reliable gauge of conditions, fell by 1,500 to 212,250. That is the lowest level since December 1969, according to the Labor Department.

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U.S. jobless claims plunge to 49-year low of 210,000

The rate of layoffs as measured by U.S. jobless claims fell to the lowest level since 1969, reflecting the strongest labor market since the end of the dotcom boom nearly two decades ago. Initial U.S. jobless claims fell by 10,000 to 210,000 in the seven days ended Feb. 24. Economists surveyed by MarketWatch had forecast claims to total 226,000. New claims haven’t been this low since December 1969. The more stable monthly average of claims declined by 5,000 to 220,500, the government said Thursday. That’s also the lowest level since 1969.

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Fewest Jobless Claims Since 1973 Show Firm U.S. Job Market

Filings for unemployment benefits plunged last week to the lowest level since 1973 as workers affected by hurricanes Harvey and Irma continued to return to their jobs, Labor Department figures showed Thursday. The larger-than-projected decrease in claims probably reflected difficulty adjusting for the Columbus Day holiday. At the same time, the report showed further declines in claims in hurricane- affected states. The storms initially led to a spike in applications in Texas and the southeastern U.S. in late August and early September. The latest period also encompasses the reporting week that the Labor Department surveys for its October employment figures. Claims are at the lowest level in more than four decades, indicating employers have little desire to cut staffing levels amid a shortage of qualified workers.

More great news in this Trump economy!!    🙂