US jobless claims tick up to 200,000 but remain low by historic standards
Economists said the low claims level reflects a smaller workforce and worker hoarding as continuing benefits also eased, signaling a resilient labor market.
- On Thursday, the US Department of Labor reported initial jobless claims increased by 9,000 to a seasonally adjusted 200,000 for the week ending November 7, exceeding the 195,000 economists had forecast.
- Despite the recent uptick, jobless claims remained at levels consistent with a resilient labor market, with applications holding at or below 200,000 for nine straight weeks across the United States.
- Continuing claims, a proxy for hiring, fell by 20,000 to a seasonally adjusted 1.697 million for the week ended October 31, tracking individuals remaining on benefits beyond their initial week.
- Citigroup economist Veronica Clark suggested a smaller workforce could reduce unemployment filings, while benefit exhaustion limited to a "maximum of 26 weeks" in most states may also restrain continuing claims.
- Projections indicate the unemployment rate could move closer to 4.0% by early 2027, assuming continuing claims remain at levels supporting a stable labor market despite potential workforce contractions.
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U.S. Jobless Claims Ticked Higher—Yet Continuing Claims Fell and the Labor Market Shows Little Sign of Deterioration
Initial U.S. unemployment claims rose to 200,000 last week, slightly above forecasts, while steady average claims, falling continuing claims and strong October hiring signaled a resilient labor market.
U.S. jobless claims rise as home sales hit 16-year low | Honolulu Star-Advertiser
WASHINGTON >> The number of Americans filing new claims for unemployment benefits increased more than expected last week, but remained at a level consistent with a stable labor market, allowing the Federal Reserve to focus on fighting inflation.
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U.S. Jobless Claims Rise to One-Month High but Remain Historically Low as Layoffs Stay Limited
New unemployment figures show Americans filed 200,000 initial jobless claims last week, exceeding economists' expectations but remaining within historically low levels as employers continue to ... The post U.S. Jobless Claims Rise to One-Month High but Remain Historically Low as Layoffs Stay Limited first appeared on [your]NEWS.
(New York = Yonhap News) Correspondent Lim Soo-jung = The number of new jobless claims in the United States exceeded market expectations but remained at historically low levels.
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