Weekly jobless claims fall more than expected - Recent News from USA
Weekly jobless claims fall more than expected

Weekly jobless claims fall more than expected

The number of Americans filing applications for jobless benefits unexpectedly fell last week, pointing to sustained labor market strength that should continue to underpin the economy.

Initial claims for state unemployment benefits decreased 3,000 to a seasonally adjusted 213,000 for the week ended Jan. 12, the Labor Department said on Thursday. Data for the prior week was unrevised.

Economists polled by Reuters had forecast claims rising to 220,000 in the latest week. The Labor Department said only claims for West Virginia were estimated last week.

The four-week moving average of initial claims, considered a better measure of labor market trends as it irons out week-to-week volatility, slipped 1,000 to 220,750 last week.

The claims data covered the survey period for the nonfarm payrolls portion of January’s employment report.

The four-week average of claims fell 2,000 between the December and January survey periods. While that would suggest little change in labor market conditions after the economy created 312,000 jobs in December, an ongoing partial shutdown of the federal government raises the risk of a drop in payrolls.

Some 800,000 government workers missed their first paycheck last Friday because of the partial shutdown, which started on Dec. 22.

The pay period for most federal employees that includes the week of Jan. 12 runs from Jan. 6 to Jan. 19. About 380,000 workers have been furloughed, while the rest are working without pay. Furloughed workers will probably be counted as unemployed.

Private contractors working for many government agencies are also without pay. The Trump administration has been recalling some employees to work without pay in an effort to minimize the effects of the shutdown.

The longest government shutdown in history has delayed the release of economic data compiled by the Commerce Department’s Bureau of Economic Analysis and Census Bureau, including the housing starts and building permits report, which was scheduled for release on Thursday.

Source link

Posts created 2651

Related Posts

Begin typing your search term above and press enter to search. Press ESC to cancel.

Back To Top