|
Continuing claims, the total number of Americans collecting
jobless benefits, fell by 25,000 to 1.87 million for the week of
Nov. 23. That's down from the three-year high levels it had been
at the past few weeks.
The four-week average of weekly claims, which quiets some of the
weekly volatility, rose by 750 to 218,250.
Weekly applications for jobless benefits are considered a proxy
for U.S. layoffs.
While the job markets has shown some softening recently, it
remains healthy and has exceeded most expectations considering
that interest rates have been elevated in recent years. The
Federal Reserve jacked up rates in 2022 and into 2023 in an
attempt to squelch the sky-high inflation that developed when
the U.S. economy rebounded from the brief but sharp pandemic
recession.
The Fed has cut its benchmark rate at its last two meetings in
response to receding inflation, which has fallen close to the
U.S. central bank’s 2% target.
Earlier this week, the government reported that U.S. job
openings rebounded to 7.7 million in October from a 3 1/2 year
low of 7.4 million in September, a sign that businesses are
still seeking workers even though hiring has cooled.
In October, U.S. employers added a paltry 12,000 jobs, a total
that economists say was crimped by the effects of strikes and
hurricanes that left many workers temporarily off payrolls.
Analysts forecast that the government will report on Friday that
U.S. employers added 215,000 jobs in November, a healthy figure
more in line with recent months.
All contents © copyright 2024 Associated Press. All rights reserved
|
|
