Breaking News
Investing Pro 0
Free Webinar - The Role of Psychology in Trading - Thursday, December 8, 2022 | 04:00PM EST Enroll Now

U.S. Jobless Claims Tick Up to 213,000 But Are Still Trending Lower

Economic Indicators Sep 22, 2022 08:40AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters
 
WMT
-0.52%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
META
-0.17%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

By Geoffrey Smith 

Investing.com -- The tightness in the U.S. labor market showed little sign of easing on Thursday, as the number of people claiming for jobless benefits continued to trend down despite a modest uptick.

The Labor Department said that 213,000 people filed initial claims last week, up slightly from 208,000 the week before, but below analysts' consensus forecast of 218,000.

The previous week's figures were revised down by 5,000. As such, the four-week average for initial jobless claims, which smoothes out some of the weekly volatility in the series, continued to decline, hitting a three-month low of 216,750.

The number of continuing jobless claims also continued to decline, by some 22,000, to 1.379 million.

The data continue to suggest that despite a slowdown that is causing layoffs to increase, it's still relatively simple for those who lose one job to find another almost immediately. 

"The low level of claims is a reminder that labor market conditions remain extremely tight," said Nancy Vanden Houten, an analyst with Oxford Economics, in a note to clients. "The imbalance between the supply and demand for workers is key factor behind the Fed's plans to continue aggressively raising interest rates."

The Federal Reserve raised its target range for fed funds by another 75 basis points on Wednesday, to 3%-3.25%, a level that Chairman Jerome Powell said was only at the lower end of what could be considered restrictive for the economy. The Fed's new 'dot-plot' foresees rates rising by more than another percentage point before plateauing next year. 

Anecdotal reports suggest that layoffs are, however, picking up across the economy while the pace of hiring is slowing. The Wall Street Journal reported on Wednesday that Meta Platforms (NASDAQ:META), the owner of Facebook, is quietly culling its workforce to cut its operating costs by 10%, while retail giant Walmart (NYSE:WMT) - which hired over 150,000 employees to deal with last year's holiday period - said it only intends to hire 40,000 this year.

U.S. Jobless Claims Tick Up to 213,000 But Are Still Trending Lower
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (6)
Andrew Sim
Andrew Sim Sep 22, 2022 9:32AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
are we in a recession if more jobless?
Casador Del Oso
Casador Del Oso Sep 22, 2022 9:31AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Let's see how strong employment is by March 2023. This downturn is just starting.
Mangalavati Citra
Mangalavati Citra Sep 22, 2022 9:19AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The conclusion is: “The data continue to suggest that despite a slowdown that is causing layoffs to increase, it's still relatively simple for those who lose one job to find another almost immediately.”
Pwr Strk
Pwr Strk Sep 22, 2022 9:18AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
strong economy, next FOMC should be 100 basis points
Daniel Addy
Daniel Addy Sep 22, 2022 9:01AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The jobless claims ticked up for the first time in months...good news? Writing is on the wall.
Tre Hsi
Tre Hsi Sep 22, 2022 8:56AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
"The number of continuing jobless claims also continued to decline, by some 22,000, to 1.379 million."  -- that's the more important index
LEVENTE HUGO BARA
LEVENTE HUGO BARA Sep 22, 2022 8:56AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Why is going up , these are very bearish news …??😳😳
Tre Hsi
Tre Hsi Sep 22, 2022 8:56AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
LEVENTE HUGO BARA  it's not going up, it's declining by 22000 per this article
Pwr Strk
Pwr Strk Sep 22, 2022 8:56AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
strong economy, next FOMC should be 100 basis points
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email