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Weekly U.S. Jobless Claims Fall to 213,000 - Labor Department

Economic Indicators Sep 15, 2022 08:38AM ET
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© Reuters.

By Scott Kanowsky 

Investing.com -- The number of Americans filing for unemployment insurance unexpectedly fell last week, according to data from the Department of Labor, as labor demand remains robust despite looming concerns over surging consumer prices.

Seasonally adjusted initial jobless claims in the U.S. for the week ending September 10 totaled 213,000, a drop of 5,000 from the previous period and the lowest since late May. Economists had predicted the reading would climb to 226,000.

The figure, seen as a proxy for layoffs, has now fallen for five straight weeks.

Meanwhile, the four-week average - which adjusts for volatility in the weekly figures - slid by 8,000 to 224,000. Continuing claims also remained at historically low levels even though they climbed marginally to 1.4M.

Analysts at Vital Knowledge said the latest decline in jobless claims will not come as welcome news to either the Federal Reserve or financial markets, with both wanting to see a softening in employment data.

Jobless claims have dipped recently as companies aim to fill millions of open positions and keep employees on their payrolls. But the Fed, keen on wrangling in soaring inflation, has pursued large interest rates hikes this year that policymakers believe may subsequently ease this high demand in the labor market and beyond.

Elsewhere, a report on Thursday showed U.S. retail sales rose surprisingly by 0.3%, as consumers dropped some of their recent caution with regard to other areas of spending. This came on the heels of key inflation data earlier this week, which showed that consumer price growth was stronger than expected in August.

The numbers have helped solidify the impression that the Fed will continue to roll out big rate increases in the near term. According to the FedWatch tool from CME Group, 80% of traders now expect a 75 basis point rise in borrowing costs at the central bank's September meeting, while 20% are forecasting an unprecedented uptick of 100 basis points.

Weekly U.S. Jobless Claims Fall to 213,000 - Labor Department
 

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Comments (11)
Yubaraj Tiwari
Yubaraj Tiwari Sep 15, 2022 10:09AM ET
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Gold?
Yubaraj Tiwari
Yubaraj Tiwari Sep 15, 2022 10:08AM ET
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Gold?
Wayne Potts
Wayne Potts Sep 15, 2022 9:44AM ET
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100 bps hike inevitable
TALLURI ANJANEYULU
TALLURI ANJANEYULU Sep 15, 2022 9:33AM ET
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AMID RATE HIKE GOOD NEWS IS BAD TO THE MARKET.
Harsha Suri
Harsha Suri Sep 15, 2022 9:21AM ET
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any good news to people is bad to the market, right now. this means more downside pressure
Sanjay Saharan
Sanjay Saharan Sep 15, 2022 9:13AM ET
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how it Affect Market?
Oluwafisayo Aknlosotu
Oluwafisayo Aknlosotu Sep 15, 2022 9:12AM ET
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When they are hiring 6persons for a one person job and cutting pay
Brad Albright
Brad Albright Sep 15, 2022 9:12AM ET
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LOL. Your fantasies are not empirical data.
Otb Investor
Otb Investor Sep 15, 2022 9:08AM ET
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The Fed should be abolished.
Steven Lail
Steven Lail Sep 15, 2022 8:55AM ET
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The Fed should raise a full point.
Tre Hsi
Tre Hsi Sep 15, 2022 8:55AM ET
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are you not happy with the current Fed chairman, appointed by Orange Trump?
Brad Albright
Brad Albright Sep 15, 2022 8:53AM ET
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More evidence of a soft landing.
 
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