Jobless Claims in the US Reach Lowest Level Since September
Video Credit: Wibbitz Top Stories - Duration: 01:31s - Published
Jobless Claims in the US Reach Lowest Level Since September
Jobless Claims in the US , Reach Lowest Level , Since September.
Last week, applications for unemployment
benefits in the United States fell to reach
the lowest level since September.
.
'Bloomberg' reports that the drop shows
another glimpse of resiliency in the U.S.
labor market despite a weakening economy.
.
The week ending December 10, initial
unemployment claims fell by 20,000 to reach
211,000, according to Labor Department data.
That number fell below economists'
estimates in a 'Bloomberg' survey.
.
Economists' median forecast for
the week was a climb to 232,000.
.
Meanwhile, continuing claims were in line with
expectations, with 1.67 million people continuing
to receive benefits for a week or more.
.
According to economists, this
measure can better indicate how
hard it is for people to find work.
'Bloomberg' reports that data
can be choppy when compared
week-over-week, particularly
around the holidays.
According to the latest four-week moving average,
some of the volatility from around Thanksgiving has
been smoothed out, as it dropped from 3,000 to 227,000.
Despite the Federal Reserve's aggressive efforts to cool the economy and tame record-high inflation, the U.S. labor market has remained largely resilient.
.
Despite the Federal Reserve's aggressive efforts to cool the economy and tame record-high inflation, the U.S. labor market has remained largely resilient.
.
'Bloomberg' reports that hiring
has continued to be robust across many sectors,
with many workers seeing rapid wage gains.
'Bloomberg' reports that hiring
has continued to be robust across many sectors,
with many workers seeing rapid wage gains
Inflation and Interest Rate Hikes , Cornering Many U.S. Households.
On May 9, inflation data is expected
to strike a familiar note with people
living in the United States. .
NBC reports the data is expected to show that people in
the U.S. are feeling cornered by the increased cost
of goods and services amid the current economy.
According to the Labor Department,
March saw an annual increase in prices of 5%. .
NBC reports that Wall Street analysts
expect another 5% increase in April.
We’re in a robust
demand environment, Neil Dutta, Head of economic research
at Renaissance Macro Research group, via NBC.
And one reason for that is that
labor markets are very tight, Neil Dutta, Head of economic research
at Renaissance Macro Research group, via NBC.
NBC reports that recent job data shows that
the U.S. unemployment rate has dropped
back to a post-pandemic low of 3.4%.
Meanwhile, 10 straight interest rate hikes by
the Federal Reserve has brought key federal
funding rates to the highest level in over 15 years. .
Last week, while speaking at the central bank's
summer meeting, Fed Chair Jerome Powell
failed to rule out continued rate hikes in 2023.
Last week, while speaking at the central bank's
summer meeting, Fed Chair Jerome Powell
failed to rule out continued rate hikes in 2023.
Between the spikes in gasoline,
food and shelter prices, there has
been no shortage of sources of
aggravation associated with
inflation for many months now, Neil Dutta, Head of economic research
at Renaissance Macro Research group, via NBC.
Between the spikes in gasoline,
food and shelter prices, there has
been no shortage of sources of
aggravation associated with
inflation for many months now, Neil Dutta, Head of economic research
at Renaissance Macro Research group, via NBC
Credit: Wibbitz Top Stories Duration: 01:31Published
US Adds 253,000 Jobs , in April.
The added jobs exceeded analysts' expectations
of 180,000 for the month, reports 'The Hill.'.
The unemployment rate dropped from 3.5% the previous month to 3.4%, according to Labor Department data.
The report indicates that although the economy
is slowing, the labor market is still strong.
Once again, the job market has turned heads with its resilience, Mark Hamrick, Bankrate senior economic analyst, via note.
Wage gains also exceeded expectations.
Hourly wages increased 0.5% for the
month and 4.4% year-over-year.
Interest rates were recently raised
by another quarter of a point. .
Markets have been hoping for slower economic data, in the hope that it will give the Fed space to cut rates. Today’s jobs report has delivered the exact opposite, Seema Shah, chief global strategist at Principal
Asset Management, via research note.
Federal Reserve Chairman Jerome Powell
said, "excess demand in the labor market" could help to avoid a recession.
Avoiding a recession is, in my view, more likely than having a recession. But I don’t rule that out either. It’s possible that we have a mild recession, Jerome Powell, Federal Reserve Chairman, via statement
Credit: Wibbitz Top Stories Duration: 01:31Published
The European Central Bank has slowed the pace of its interest rate increases, stepping back like the US Federal Reserve from a string of jumbo hikes aimed at snuffing out inflation.
Credit: euronews (in English) Duration: 01:02Published
Fed Raises Rates , by a Quarter Point.
The Federal Reserve issued its
tenth rate hike since last March on May 3.
The decision to hike interest rates by
a quarter of a point was unanimous. .
The benchmark federal funds
rate is now at 5%-5.25%.
That's the highest it's been
in over 15 years, CNN reports.
The move follows the collapse of
Silicon Valley Bank, Silvergate and Signature Bank.
The move follows the collapse of
Silicon Valley Bank, Silvergate and Signature Bank.
Fed Chair Jerome Powell said the central bank will "approach the question" of a pause in
rate hikes "at the June meeting.".
The Federal Reserve also said that current strict lending standards may slow the economy, helping to ease inflation.
Tighter credit conditions for households and businesses are likely to weigh on economic activity, hiring and inflation, Federal Reserve, via statement.
The extent of those effects remains uncertain, Federal Reserve, via statement
Credit: Wibbitz Top Stories Duration: 01:30Published
US Economic Growth Slows, , Jobless Claims Fall.
The Commerce Department released
its Q1 gross domestic product report
on April 27, Reuters reports. .
Economic growth slowed more than anticipated, increasing only at a 1.1% annualized rate.
Increased consumer spending was offset by a $1.6 billion decline in inventory investments.
Businesses anticipated weaker demand
due to higher borrowing costs.
Reuters reports that disregarding "inventories, government and trade," economic growth reached 2.9%.
Next week, the Federal Reserve is expected to hike interest rates by 25 more basis points. .
Since March of last year, the Fed has
raised rates by 475 basis points.
A separate Labor Department report
showed initial unemployment claims fell by 16,000 for the week ending April 22.
Continuing claims remained low, as Reuters reports there were 1.7 new jobs per each unemployed person in February.
The current unemployment
rate is at 3.5%
Credit: Wibbitz Top Stories Duration: 01:30Published
Labor Market Going Strong, As Fewer Americans , Apply For Unemployment.
Last week, fewer Americans filed for unemployment
benefits, bringing the total for the week down
22,000 from the week before to reach 242,000.
ABC reports that the number of weekly claims
largely represent the number of U.S. layoffs.
According to the latest Labor Department
data, the four-week moving average of
claims also dropped by 1,000 to reach 244,250.
According to the latest Labor Department
data, the four-week moving average of
claims also dropped by 1,000 to reach 244,250.
The week ending April 29, approximately 1.8 million
people were collecting unemployment benefits,
down by about 8,000 from the week before.
ABC reports that the U.S. job market has quickly
added jobs since the pandemic forced millions
of people to lose their employment three years ago.
ABC reports that the U.S. job market has quickly
added jobs since the pandemic forced millions
of people to lose their employment three years ago.
Despite rising interest rates amid fears
of a recession, the addition of new jobs has
resulted in increased job security for Americans.
In April, the market saw 253,000 new jobs
added, while the unemployment rate fell
to 3.4%, reaching a 54-year low.
Despite the promising numbers, a number
of high-profile layoffs have taken a toll,
particularly in technology industries.
In recent months, IBM, Microsoft
and Twitter are among huge tech companies
to announce significant layoffs.
In recent months, IBM, Microsoft
and Twitter are among huge tech companies
to announce significant layoffs.
Since November, both Amazon
and Facebook have announced
two upcoming waves of job cuts. .
Since November, both Amazon
and Facebook have announced
two upcoming waves of job cuts. .
ABC reports that other major companies outside
of the tech sector have also announced layoffs,
including McDonalds, Morgan Stanley and 3M.
ABC reports that other major companies outside
of the tech sector have also announced layoffs,
including McDonalds, Morgan Stanley and 3M.
ABC reports that other major companies outside
of the tech sector have also announced layoffs,
including McDonalds, Morgan Stanley and 3M
Credit: Wibbitz Top Stories Duration: 01:31Published
Unemployment , Continues to Rise , Amid Economic Uncertainty.
ABC News reports that the number of Americans
applying for unemployment benefits remains
relatively low, despite rising last week. .
On April 20, the Labor Department
reported that jobless claims in the U.S.
rose by 5,000 to reach 245,000.
On April 20, the Labor Department
reported that jobless claims in the U.S.
rose by 5,000 to reach 245,000.
At the beginning of 2023,
weekly claims were at about 200,000
and have steadily been climbing higher. .
At the beginning of 2023,
weekly claims were at about 200,000
and have steadily been climbing higher. .
As of the week ending April 8, 1.866 million
Americans were collecting unemployment benefits,
up from 1.53 million just one year earlier. .
ABC News reports that the U.S. job market remains
healthy, with employers adding 236,000 jobs
in March, which is strong by historic standards.
While the (claims) levels are still historically low, the number of people collecting unemployment benefits has definitely been on the rise this year, .., Stephen Stanley, chief U.S. economist at Santander, via ABC.
... another signal that the labor market,
though still hot, is coming back toward
a more balanced/normal state, Stephen Stanley, chief U.S. economist at Santander, via ABC.
The Federal Reserve is looking to secure
a soft landing by lowering growth enough to
control inflation but without triggering a recession.
The Federal Reserve is looking to secure
a soft landing by lowering growth enough to
control inflation but without triggering a recession.
ABC reports that economists remain
skeptical on whether or not the Fed will be
able to achieve the desired soft landing.
Many economists have predicted that the United States
will officially enter into a recession later in 2023
Credit: Wibbitz Top Stories Duration: 01:31Published
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