Initial Unemployment Claims Beat Expectations By Falling To 293,000

The number of first unemployment claims in the United States has fallen to its lowest level for the second straight week since the start of the COVID pandemic. report By the Ministry of Labor on Thursday.

In the new report, the number of initial unemployed claims was 293,000, below Dow Jones’ estimate of 318,000 and below 36,000. Previous week Until October 9th.

As a positive sign of economic recovery, this is the first time these initial claims have fallen below 300,000 since the COVID-19 pandemic reached millions of unemployment claims. The initial number of unemployed on March 14, 2020 was 256,000 before the virus paved the way for the entire economy.

The latest figures add more weight to the idea that the US labor market is adapting to the end of Labor Day’s federal unemployment allowance last month. The first claims of unemployment went up after they ended on September 6, and they continued to do so throughout September before falling into the week ending September 25.

Last week’s first bill broke the three-week trend of rising bills, but the number was slightly revised from 326,000 to 329,000.

The number of renewal claims that increased in the previous week on September 25 decreased by 523,426 to 3,649,013. The four-week moving average is 334,250, which is higher than the previous week’s minimum amount of continuous billing since the pre-pandemic period.

These numbers arrive as policy makers begin to focus more on the risks of rising inflation.Latest data Consumer price indexPrices of commodities, especially food, rent and energy, which are key inflation indicators, rose by an average of 5.4% year-on-year, the highest since January 1991.

It also follows weaker employment reports than expected in September, which raised concerns that economic recovery could slow.

NS Federal Reserve, However, it did not appear to be gradual due to low employment as it approached the tapering of the $ 120 billion monthly asset purchase program that began during the pandemic.

Fed officials, including chair Jerome PowellAlthough expressed concern about inflation, they remain in a position to ease it as it is temporary and alleviates global supply chain bottlenecks.

Initial Unemployment Claims Beat Expectations By Falling To 293,000 Source link Initial Unemployment Claims Beat Expectations By Falling To 293,000

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