New unemployment claims fell unexpectedly last week, indicating a robust labor market. While layoffs remain low, some laid-off workers face challenges finding new jobs.
The number of Americans filing new applications for unemployment benefits unexpectedly fell last week, pointing to a stable labour market at the start of the year though some laid-off workers are experiencing difficulties finding new jobs. Initial claims for state unemployment benefits dropped 10,000 to a seasonally adjusted 201,000 for the week ended Jan. 4, the Labor Department said on Wednesday. Economists polled by Reuters had forecast 218,000 claims for the latest week.
The report was published a day early as federal government offices are closed on Thursday in honour of former President Jimmy Carter who died on Dec. 29 at the age of 100. Though claims tend to be volatile at the turn of the year, they have bounced around levels associated with low layoffs that are underpinning the labour market and broader economy. Labor market stability was underscored by government data on Tuesday showing an increase in job openings in November, with 1.13 vacancies for every unemployed person, up from 1.12 in October. The state of the jobs market is seen allowing the Federal Reserve to keep interest rates unchanged in January against the backdrop of uncertainty over the impact of proposed policies from President-elect Donald Trump’s incoming administration. Trump has pledged to cut taxes, impose or massively raise tariffs on imports and deport millions of undocumented immigrants, plans which economists warned would stoke inflation. The U.S. central bank lowered its benchmark overnight interest rate by 25 basis points to the 4.25 per cent-4.50 per cent range at its December policy meeting. The Fed, however, projected only two rate cuts this year compared to the four it had forecast in September, when it kicked off its policy easing cycle.While layoffs have remained low by historical standards, hiring has slowed, leaving some laid-off people to experience long spells of unemploymen
LABOR MARKET UNEMPLOYMENT ECONOMY FEDERAL RESERVE INTEREST RATES
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
U.S. weekly unemployment claims unexpectedly rise as demand for labour coolsLast’s week jump in claims likely reflected volatility after the U.S. Thanksgiving holiday and likely does not mark an abrupt shift in labour market conditions
Read more »
US Unemployment Claims Fall Sharply, Job Market Remains StrongThe number of Americans filing for unemployment benefits decreased significantly last week, indicating a resilient job market.
Read more »
US applications for unemployment benefits hold steady, but continuing claims rise to 3-year highWASHINGTON (AP) — The number of Americans applying for unemployment benefits held steady last week, though continuing claims rose to the highest level in three years. Jobless claim applications ticked down by 1,000 to 219,000 for the week of Dec.
Read more »
U.S. weekly unemployment claims unexpectedly fall, pointing to low layoffs at end of 2024Initial claims for state unemployment benefits dropped 9,000 to a seasonally adjusted 211,000 for the week ended Dec. 28, the U.S. Labor Department said on Thursday
Read more »
US Unemployment Claims Fall to Lowest Level Since MarchJobless claims dropped to a 2024 low, indicating strong job security. Economists remain cautiously optimistic, noting the impact of holiday season adjustments.
Read more »
Canada's unemployment rate soars to highest level in 8 yearsIt's a challenging time for job seekers in Canada right now. The unemployment rate rose 6.8 per cent in November, marking the highest in eight years.…
Read more »