Widget Image
Follow PPD Social Media
Saturday, May 18, 2024
HomeNewsEconomyWeekly Jobless Claims Fall More Than Anticipated, Prior Week Unrevised

Weekly Jobless Claims Fall More Than Anticipated, Prior Week Unrevised

unemployment-benefits

unemployment-benefits

The Labor Department said the number of Americans filing new jobless claims fell more than Wall Street expected for the week ended June 13. Weekly jobless claims dropped 12,000 to a seasonally adjusted 267,000 and claims for the prior week, which rose more than expected, were unrevised. It was the 15th straight week that claims held below 300,000, which markets view as generic gauge of health in the labor market.

The Federal Reserve (FOMC) on Wednesday offered an upbeat assessment of the labor market, claiming that market indicators “suggests that underutilization of labor resources diminished somewhat.” However, a majority on the policy-making committee bailed on the idea of raising interest rates — which have been held at near zero since the recession — in the month of June. Instead, the FOMC set a goal of September, indicating that they do not believe the economy can handle the rate hike.

Still, the language was an improvement from April, when labor market slack was viewed as “little changed” by the FOMC.

Economists polled by Reuters had forecast claims falling to 275,000 last week. A Labor Department analyst said there was nothing unusual in the state level data.

The four-week moving average of claims — which is widely considered a better measure of labor market trends as it irons out week-to-week volatility — fell 2,000 to 276,750 last week.

Though the firing rate decreased, Thursday’s claims report showed the number of people still receiving benefits after an initial week of aid remains at 2.22 million in the week ended June 6. That declined by 50,000.

Written by

PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

No comments

leave a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

People's Pundit Daily
You have %%pigeonMeterAvailable%% free %%pigeonCopyPage%% remaining this month. Get unlimited access and support reader-funded, independent data journalism.

Start a 14-day free trial now. Pay later!

Start Trial