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US jobless claims fall again as labor market continues to flash strength
Last edited Thu Jul 20, 2023, 09:05 AM - Edit history (1)
NEWS
US jobless claims fall again as labor market continues to flash strength
By MATT OTT
July 20, 2023 at 8:39 am EDT
Fewer Americans applied for unemployment benefits last week with the labor market continuing to cruise along despite higher interest rates intended to cool hiring.
U.S. applications for jobless claims fell by 9,000 to 228,000 for the week ending July 15, from 237,000 previous week, the Labor Department reported Thursday.
The four-week moving average of claims, which evens out some of the weekly volatility, fell by 9,250 to 237,500.
{snip}
Overall, 1.75 million people were collecting unemployment benefits the week that ended July 8, about 33,000 more than the previous week.
Copyright 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
US jobless claims fall again as labor market continues to flash strength
By MATT OTT
July 20, 2023 at 8:39 am EDT
Fewer Americans applied for unemployment benefits last week with the labor market continuing to cruise along despite higher interest rates intended to cool hiring.
U.S. applications for jobless claims fell by 9,000 to 228,000 for the week ending July 15, from 237,000 previous week, the Labor Department reported Thursday.
The four-week moving average of claims, which evens out some of the weekly volatility, fell by 9,250 to 237,500.
{snip}
Overall, 1.75 million people were collecting unemployment benefits the week that ended July 8, about 33,000 more than the previous week.
Copyright 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
Macro Matters
US weekly jobless claims fall to two-month low
By Lucia Mutikani
July 20, 20239:33 AM EDT • Updated 28 min ago
Summary
• Weekly jobless claims drop 9,000 to 228,000
• Continuing claims increase 33,000 to 1.754 million
WASHINGTON, July 20 (Reuters) - The number of Americans filing new claims for unemployment benefits unexpectedly fell last week, touching the lowest level in two months amid ongoing labor market tightness and defying efforts by the Federal Reserve to slow demand.
Initial claims for state unemployment benefits dropped 9,000 to a seasonally adjusted 228,000 for the week ended July 15, the lowest level since mid-May, the Labor Department said on Thursday. Economists polled by Reuters had forecast 242,000 claims for the latest week.
"The claims data show that the labor market remains resilient and businesses have yet to start shedding workers at a rapid pace, despite five percentage points of tightening," said Rubeela Farooqi, chief U.S. economist at High Frequency Economics in White Plains, New York.
Unadjusted claims fell by 326 to 257,976 last week. Claims surged by 5,059 in California and increased by 4,616 in Georgia. There were also notable rises in filings in South Carolina and Oregon. These were more than offset by significant declines in Michigan, Kentucky, Indiana, New York, New Jersey, Iowa and Illinois.
Reuters Graphics
{snip}
US weekly jobless claims fall to two-month low
By Lucia Mutikani
July 20, 20239:33 AM EDT • Updated 28 min ago
Summary
• Weekly jobless claims drop 9,000 to 228,000
• Continuing claims increase 33,000 to 1.754 million
WASHINGTON, July 20 (Reuters) - The number of Americans filing new claims for unemployment benefits unexpectedly fell last week, touching the lowest level in two months amid ongoing labor market tightness and defying efforts by the Federal Reserve to slow demand.
Initial claims for state unemployment benefits dropped 9,000 to a seasonally adjusted 228,000 for the week ended July 15, the lowest level since mid-May, the Labor Department said on Thursday. Economists polled by Reuters had forecast 242,000 claims for the latest week.
"The claims data show that the labor market remains resilient and businesses have yet to start shedding workers at a rapid pace, despite five percentage points of tightening," said Rubeela Farooqi, chief U.S. economist at High Frequency Economics in White Plains, New York.
Unadjusted claims fell by 326 to 257,976 last week. Claims surged by 5,059 in California and increased by 4,616 in Georgia. There were also notable rises in filings in South Carolina and Oregon. These were more than offset by significant declines in Michigan, Kentucky, Indiana, New York, New Jersey, Iowa and Illinois.
Reuters Graphics
{snip}