Jobless Claims Still Lagging Behind Expectations, Painting Picture of Tight Labor MarketJohn Carney 5 Oct 2023
Businesses are holding on to their workers with a far tighter grip than economists expected.
The number of Americans who filed for jobless benefits last week rose by 2,000 to 207,000, a very low level by historical standards.
Economists had forecast claims would rise from the original estimate of 204,000 in the prior week to 210,000.
Jobless benefits are considered a proxy for layoffs and the recent low levels of claims indicate that very few workers are being let go by their employers.
The four-week moving average of claims, which smooths out week-to-week volatility, dropped to 208,750 from 211,250 in the prior week.
The estimate for the number of people who file for benefits after their initial week gets reported with a one week delay. This fell by 1,000 to 1,664,000 in seven day period that ended on September 24. The four-week average of continuing claims fell by to 1,667,500. This level is low enough to suggest that those who have lost their jobs have quickly been finding new positions.
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https://www.breitbart.com/economy/2023/10/05/jobless-claims-still-lagging-behind-expectations-painting-picture-of-tight-labor-market/
