Weekly jobless claims fall for fifth-straight week, showing resilient labor market

Initial unemployment insurance claims were 213,000 for the week ended Sept. 10, down 5,000 from a downwardly revised total of 218,000 claims from the previous week, according to Department data. work released Thursday. This is the lowest level since May 28.

Economists forecast weekly initial deposits of 226,000, according to Refinitiv estimates.

Continuing unemployment claims for the week ended September 3 were 1.4 million, an increase of 2,000 from the previous week’s level, which was revised down by 72,000 claims.

The country’s labor market remained strong despite some slowdown in other sectors of the economy. Since March, the Federal Reserve has tightened its monetary policy and decreed a series of interest rate hikes aimed at curbing demand and eradicating historically high inflation.
These efforts should bring some economic “pain”, said Fed Chairman Jerome Powell, indicating that the labor market is in a state of imbalance, with the number of available jobs still double the number of job seekers. ‘use.

As many companies experience labor shortages, some companies are choosing to slow down their hiring plans rather than lay off existing workers, economists at Federal Reserve Regional Banks noted.

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