U.S. Weekly Jobless Claims Rebound More Than Expected
October 06 2022 - 5:52AM
RTTF2
As the closely watched monthly jobs report looms, the Labor
Department released a separate report on Thursday showing
first-time claims for U.S. unemployment benefits rebounded by more
than expected in the week ended October 1st.
The report said initial jobless claims climbed to 219,000, an
increase of 29,000 from the previous week's revised level of
190,000.
Economists had expected jobless claims to inch up to 200,000
from the 193,000 originally reported for the previous week.
The revised figure for the previous week reflects the lowest
number of jobless claims since the week ended April 23rd.
"We won't read too much into one week's claims data, but if an
upward trend persists, it would be consistent with other recent
indicators pointing to some loosening of labor market conditions,"
said Nancy Vanden Houten, Lead U.S. Economist at Oxford
Economics.
The Labor Department said the less volatile four-week moving
average also crept up to 206,500, an increase of 250 from the
previous week's revised four-month low of 206,250.
Continuing claims, a reading on the number of people receiving
ongoing unemployment assistance, also edged up by 15,000 to 1.362
million in the week ended September 24th.
The four-week moving average of continuing claims still dipped
to 1,370,750, a decrease of 10,250 from the previous week's revised
average of 1,381,000.
On Friday, the Labor Department is scheduled to release its more
closely watched report on employment in the month of September.
Economists currently expect employment to jump by 250,000 jobs
in September after surging by 315,000 jobs in August, while the
unemployment rate is expected to hold at 3.7 percent.
"Any easing of labor market conditions will be welcome by the
Fed but won't change the FOMC's plans to continue to raise rates in
an effort to bring down inflation," said Vanden Houten.
She added, "The labor market should still be characterized as
tight, with the ratio of job openings to unemployed workers still
elevated in August despite a small decline."
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