{"id":31971,"date":"2023-10-19T17:38:43","date_gmt":"2023-10-19T17:38:43","guid":{"rendered":"https:\/\/innodebt.com\/news\/jobless-claims-fall-to-9-month-low-of-198000-not-many-layoffs-in-u-s-economy\/"},"modified":"2023-10-19T17:38:45","modified_gmt":"2023-10-19T17:38:45","slug":"jobless-claims-fall-to-9-month-low-of-198000-not-many-layoffs-in-u-s-economy","status":"publish","type":"post","link":"https:\/\/innodebt.com\/?p=31971","title":{"rendered":"Jobless claims fall to 9-month low of 198,000. Not many layoffs in U.S. economy."},"content":{"rendered":"
\n

The numbers:<\/strong> The number of Americans who applied for unemployment benefits last week fell to a nine-month low of 198,000, defying expectations that layoffs would rise as higher U.S. interest rates pinched the economy.<\/p>\n

New jobless claims declined from a revised 211,000 in the prior week, the government said. <\/p>\n

\n

New jobless claims slid below the 200,000 mark for the first time since mid-January.<\/p>\n

Claims show a very low number of job losses and point to a stable economy. Unemployment claims usually top 300,000 \u2014 and eventually go a lot higher \u2014 when a recession approaches.<\/p>\n

Economists had forecast new claims in the week ended Oct. 14 to total 210,000.<\/p>\n

Key details:<\/strong> New jobless claims fell in 45 of the 53 states and territories that report these figures to the federal government. Claims rose in just eight states.<\/p>\n

The number of raw or actual claims \u2014 that is, before seasonal adjustments \u2014totaled a low of 181,181. That\u2019s one of the lowest levels in more than 50 years.<\/p>\n

The number of people collecting unemployment benefits in the U.S., meanwhile, rose by 29,000 to 1.73 million. Most laid-off workers appeared to be finding new jobs quickly, however.<\/p>\n

Big picture: <\/strong>The economy is still growing and companies have plenty of demand for their goods and services. That\u2019s why businesses are not laying off many workers.<\/p>\n

Yet the labor market does appear to be cooling.<\/p>\n

Hiring has slowed and wages are growing more slowly, among other things. And a new Federal Reserve survey found that employees are not switching jobs as much or being as insistent on big pay increases.<\/p>\n

Still, a resilient labor market could put more pressure on the Fed to keep interest rates high unless wage growth moderates further and helps the central bank keep a lid on inflation:<\/p>\n

Looking ahead:<\/strong> \u201cInitial jobless claims fell to their lowest level since January last week, a reminder \u2014 if we needed one \u2014 that layoffs remain very low,\u201d said lead U.S. economist Nancy Vanden Houten of Oxford Economics.<\/p>\n

\u201cThe Fed will need to see more softening of labor market conditions to be persuaded that inflation is on a sustainable path back to 2% before embarking on rate cuts.\u201d<\/p>\n

Market reaction:<\/strong> The Dow Jones Industrial Average
\n DJIA,
\n -0.07%<\/bg-quote>
\n and S&P 500
\n SPX,
\n -0.16%<\/bg-quote>
\n were set to open lower in Thursday trades. The yield on the 10-year U.S. Treasury rose slightly to 4.96%. <\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The numbers: The number of Americans who applied for unemployment benefits last week fell to a nine-month low of 198,000, defying expectations that layoffs would rise as higher U.S. interest rates pinched the economy. New jobless claims declined from a revised 211,000 in the prior week, the government said. New jobless claims slid below the […]<\/p>\n","protected":false},"author":1,"featured_media":31972,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[38],"tags":[],"class_list":{"0":"post-31971","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news"},"yoast_head":"\nJobless claims fall to 9-month low of 198,000. 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